Letters of credit are the most used means in Angola in international trade operations and refer to the commitment assumed by a bank, at the request and on instructions of a client (importer) to make a payment to an exporter through a bank. intermediate.
In the clarification released on Sunday on its website, the National Bank of Angola (BNA) indicates that banks "are obliged to sell the foreign currency to the importer on the date of settlement of the liability on the foreigner".
This rule applies regardless of whether banks use their foreign exchange position to settle that liability or have purchased foreign currency specifically for that purpose.
In the event that the importer does not have a sufficient account balance to cover settlement, the bank financial institution must grant a credit in national currency, in the amount of the deficit found in the customer's account in national currency, and this value cannot be indexed to any foreign currency.
The BNA informs that situations that do not comply with these rules “must be rectified immediately, so that the amount of credit granted to the importer is the equivalent amount in national currency on the date of settlement in foreign currency under the letter of credit less the balance in your account on the same date, available for that payment ”.
