Ver Angola

Banking and Insurance

Airlines and insurance companies in the country integrate foreign currency exchange trading base

The National Bank of Angola (BNA) decided to bring together airlines and insurance companies on the basis of entities that negotiate the purchase and sale of foreign currency with commercial banks through the Bloomberg FXGO platform, totaling 48 participants.

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The measure contained in Instruction No. 23/2021, of 29 October, released by the BNA and which Lusa had access to this Friday, falls within the scope of the "flexibility and normalization" of the Angolan foreign exchange market, with a view to checking "greater transparency and efficiency to the market".

Airlines and insurance companies, upon prior compliance with certain requirements, namely trading operations worth more than US$50,000, will now have access to trading on that platform.

Airlines and insurance companies, in the light of this instruction, thus join the 46 current participants, of which 26 are commercial banks, ten companies in the oil sector, eight diamond companies, as well as the National Treasury and the BNA.

To transact foreign currency through FXGO, commercial area companies authorized to carry out their activity in the country, with a permanent establishment established under the terms of the law, organized accounting and having a responsible official accountant, may request authorization from the Angolan central bank.

In relation to companies in the insurance sector, these must be supervised by the Angolan Agency for Regulation and Supervision of Insurance (Arseg).

Companies wishing to transact foreign currency through FXGO "must request authorization to do so from the BNA through the commercial bank with which they maintain their main business relationship".

According to the instruction, after authorization from the Angolan central bank, these companies must sign a subscription contract with Bloomberg for the acquisition of an FXGO trading terminal.

The BNA instruction determines that airlines and insurance companies "may only negotiate foreign exchange transactions that comply with foreign exchange regulations, strictly linked to their business and on their behalf."

"Namely for the payment of its foreign suppliers of goods and services, or for the transfer of capital income to the mother's house or its shareholders, and at the time of negotiation of the purchase and sale of foreign currency there must be an effective payment responsibility", reads in the document.

As for the deadlines for the execution of operations abroad, the instruction states that the companies "shall, within a maximum period of seven days from the value date of a foreign currency purchase operation, transfer the acquired currency to the outside".

The document, signed by the governor of the BNA, José de Lima Massano, also provides for penalties in the event of non-compliance, which include a temporary or permanent ban on trading operations in foreign currency on FXGO or even on the foreign exchange market.

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