The regime establishes the norms that regulate the foreign exchange operations of entities operating in the mining sector.
"The briefing aimed to interpret, debate and address the impacts of Notice No. 02/23 of February 10 on the diamond sector, of which Standard Bank of Angola is a banking partner", explains Carolina Remísio, Executive Director of Clients SBA.
The notice applies to entities that carry out reconnaissance, prospecting, research, evaluation, exploration, commercialization, cutting and refining activities of any type of ore in Angola.
It also applies to buyers and sellers of rough diamonds or other minerals, exporters, the public diamond marketing agency in Angola, as well as public diamond or other mineral resources companies and equivalent entities that carry out mining activities aimed at production of any mineral resource.
According to the notice, the export of raw, polished or refined ore, or product of mining origin in bars, alloys, blocks, stones or jewels, intermediate or final products, must be settled, in its entirety, in freely convertible foreign currency.
Entities covered by the notice must maintain accounts at national banking financial institutions, in national and foreign currency, and export earnings transferred to the country may be maintained in foreign currency.
The event also discussed, among other aspects, currency swaps and forward contracts.
"This event was hugely popular with administrators and financial directors of the largest Angolan mining companies. It made it possible to raise points of improvement in this notice and the need to differentiate mining companies from other sectors, with regard to payments abroad. On the Standard Bank side, we are now committed to submitting a list of sector requirements to the banking regulator", concludes Carolina Remísio.
