Legislation and Regulation

Foreign Exchange Legislation


Legislation and Regulation on Foreign Exchange - Banking Institutions

1. Foreign Exchange Law

Law no. 5/97, of June 27th
Foreign Exchange Law 

1.1 Opening and maintaining bank accounts
Notice no. 03/2009, of May 18th
Terms and conditions under which Foreign Residents and Non-residents may hold account in foreign currency and national currency.

Notice no. 02/2017,of February 3rd
Opening and movement of deposit accounts held by foreign exchange residents.

1.2 Import and export of foreign currency
Notice no. 02/2015, of January 29th
Regulates the operations of import and export of foreign currency, as well as its reporting to the BNA.

2. Code of Conduct

Notice no. 14/2012, of April 3rd
Establishes the Code of Conduct for the Monetary, Interbank and Foreign Exchange Markets, and approves its internal regulations.

Instruction no. 02/2018, of January 19th
Procedures observe in the execution of foreign exchange transactions.

3. Function of Foreign Exchange Control

Instruction no. 07/2018, of June 21st
Creation of an Independent Function of Foreign Exchange Control in Banking Financial Institutions.

4. Operations

4.1 Goods – Import and Export
Notice no. 04/2014, of August 7th
Simplified procedure for payment of import of goods
Annex I - Statement by the Intermediary Banking Institution
Annex II - Commitment Letter
Annex III - Procedures to be performed by the independent auditor

Presidential Decree no. 75/17
Regulation of the licensing of goods operations.

Instruction no. 08 / 2018, of June 21st
Temporary Suspension of Licensing of Foreign Exchange Transactions for Import of Goods.

Notice no. 5/2018, of June 17th
Rules and Procedures Applicable to Foreign Exchange Operations of Import and Export of Goods.

Instruction no. 09/2018, of July 19th
Limits of Foreign Exchange Goods Operations.

4.2. Current Invisibles Operations
Decree no. 21/98, of July 24th
Operations of current invisibles.

Presidential Decree no. 273/11, of August 28th
Approves the contracting of Foreign Technical Assistance Services or Management.

Presidential Decree no. 123/13, of October 27th
Changing the limits in Dec. Pres. 273/11.

Notice no. 13/2013, of July 31st
Procedures for performing current invisible exchange transactions
Annex - Set of documents to be presented to the Banking Institution.

Notice no. 13/2014, of December 18th
Foreign transfers of profits or dividends from external private investors.

Instruction no. 06/2018, of June 19th
Foreign currency limits for Family Assistance.

4.2.1 Entry and Exit of Currency  
Notice no. 01/2016, of January 29th
Terms and conditions for the entry and exit of national and foreign currency held by foreign exchange residents and non-residents.

4.3. Capital Operations
Decree no. 23/98, of July 24th
Capital operations.

Instrutivo 1/03, of February 7th
Capital operations.

Notice no. 14/2014, of December 18th
Importation of capital associated with foreign private investment.

Notice no. 01/2017, of February 3rd
Performing investments in the securities market by non-resident foreign exchange entities.

5. Specific Sectors

5.1 Oil Sector
Law no. 2/12, of January 13th
Foreign Exchange Regime Applicable to the Oil Sector.

Notice no. 20/12, of April 25th
Foreign Exchange Regime Applicable to the Oil Sector - Procedures, mechanisms and timetable for gradual implementation.

Notice no. 23/2012, of April 30th
Determines the type, form and frequency of presentation of the information required for the recording and compilation of the balance of payments.

Notice no. 07/2014, of October 8th
Sale of foreign currency (- mandatory sale of ME by the oil sector operators to the BNA to pay for local services; - Defines the exchange rate applicable to tripartite contracts).

Directive no. 01/DCC-DOB/2014, of November 17th
Procedures for executing the foreign currency sale transactions specified in Notice no. 7/14 of October 8.

5.2 Diamond Sector
Notice no. 2/03, February 7th
Foreign exchange regime of companies or associations producing and exporting diamonds and other mineral resources.

Presidential Decree no. 175/18, July 27
Trade policy for the diamond sector.

5.3 Monetary Conversion Agreement between the National Bank of Angola and the Bank of Namibia
Notice no. 12/2015, of December 29th
Monetary Conversion Agreement between the National Bank of Angola and the Bank of Namibia - Entry and exit of national and foreign currency at the land border of Santa Clara (Angola) - Operating rules to be observed by financial institutions.

6. Foreign Exchange Market

6.1 Exchange Rate
Instruction no. 03/2018, of January 19th
Exchange rate regime.

Notice no. 6/2018, of August 15th (no. 3 of article 4th)
Limitv for the exchange rate position - Interbank money market rate and BNA (partially revokes No. 4 of Instruction No. 03/2018).

6.2 Foreign Currency Auctions
Instruction no. 01/2018, of January 19th
Foreign Currency Purchase and Sale Auctions - Participation Procedures.

7. Accounting Record

Directive no. 01/DSI/2013
Accounting record of foreign exchange transactions.

8. Exchange Position

Notice no. 06/2018, of August 15
Limit for foreign exchange position.

Directive no. 05/DSB/DRO/DMA/2018, of August 22nd
Limit for foreign exchange position.

9. Information Reporting to the BNA

Instruction no. 06/2011, of August 17th
Information on transactions of foreign currency purchase to BNA (information to be inserted in MT202 of foreign exchange purchase from BNA).

Instruction no. 07/2011 of August 18th
Transactions in foreign currency (Information on transactions in the interbank market in foreign currency).

Directive no. 03/DMA/11
Secondary market - Buying and selling notes, buying foreign currency from customers.

Notice no. 01/2015, of January 29th
Import and Export of Foreign Currency and Travelers Checks.

Instruction no. 20/2015, of December 9th
Reporting and monitoring of foreign exchange transactions (Swift FINinform, copy of messages MT103 and MT202
(payments and receipts) received by BNA.

Directive no. 01/DCC/2017
Sending information about foreign exchange needs and operations submitted and executed.

Directive no. 01/ DCC/2018
Sending information related to foreign exchange Needs Maps (late payments and current operations).

Communication no.º 02/DCC/2018
Sending of Separate foreign exchange needs map for all payments to tradings and offshores.

Point 3.2.3 of Instruction no. 01/2018, of January 19th
Reporting of information to the BNA on the degree of execution of the sale of foreign currency acquired in the auctions or through direct sales.1

Instruction no. 02/2014, of March 19th
Registration in SINOC of Current Invisible Operations
Annex - Aspects to be observed for recording operations referred to in point 1.

no. 2 of article 7th of Notice no. 20/12
Registration in the SINOC of the operations of the foreign exchange regime of the oil sector.

line c) of no. 2 of article 12th of Notice no. 05/2018, September 12th
Sending the map of operations of goods import without a definitive DU for more than 180 days.

line d) of no. 3 of article 17th of Notice no. 05/2018, of September 12th
Registration in the SINOC of the entry of export earnings [Note: the Notice does not apply to the oil and diamond sectors].

no. 1 of article 6th of Notice no. 02/2017, of February 3rd
Registration of foreign exchange transactions executed by foreign exchange non - residents under Notice no. 2/2017.

Directive no. 1/DSI/14, of June 24th
Provision of the service of remittance and receipt of securities - Summary map of operations

Directive no. 01/DCC_DOB/2014
Foreign currency purchase and sale, executed under tripartite contracts.

Directive no. 4/DSI/10, of December 28th
Map of sale of foreign currency to Foreign Exchange Bureau.

Article 3rd of Notice no. 02/2015, of January 29
Report to the BNA on foreign currency import and export operations.

1 Information reported daily in the Map of Executed Transactions (Directive no. 01/DCC/2017)

(Last Update: October 10th of 2018)