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National Bank of Angola
Foreign Exchange Operations - Natural Persons
BNA Order 12/19 of 2 December 2019*
Summary: BNA Order 12/19 which shall enter into force on 3 January 2020, fine tunes rules and procedures for the purchase of foreign currency for foreign exchange operations applicable to (i) resident and non-resident natural persons, and (ii) respective banking institutions, which were oringinally introduced by BNA Order 10/19, of 6 November 2019 (subject of Flash Newsletter of 13 November 2019, and Monthly Newsletter of 6 December 2019).
BNA Order 12/19 has been revoked.
We highlight the following main changes introduced by BNA Order 12/19:
1) Residents are still limited to transfers up to the annual amount of USD 120,000.00 regardless of the purpose or payment method. However, the National Bank of Angola may, when duly justified on a case-by-case basis, approve transfers above this annual limit;
2) In respect of non-resident natural persons and banking institutions, most rules and procedures oringinally introduced by the now revoked BNA Order 10/19, remain the same.
3) BNA Order 10/19 as well as Instruction 1/03, of 7 February, Instruction 6/18. of 19 June, Directive 15/DSP/11 and all other provisions contrary to BNA Order 12/19, are revoked.
* Despite the official date of publication, the Official Gazette of 2 December 2019 and respective diplomas, including BNA Order 12/19, was only made available yesterday
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