27 February 2013

Angola: New Exchange Regulation to Bring About Autonomy of Financial System

The Angolan jurist Aguinaldo Jaime has considered the decision of the Executive to change the country's exchange law, in relation to the oil sector, a step in the right direction, towards an autonomy of the financial system, which, with this measure, will be benefiting from the exchange flow generated by the economy.

The new diploma is the law number 2/12, published in the State Gazette on 13 January 2012, and it establishes the exchange regime that is applicable in transactions relating to the production of crude-oil and natural gas.

In the ambit of the ongoing reform on the country's tax system, the new law states that the national concessionaire (Sonangol) and the other local and foreign companies operating in the oil sector must open an account in foreign currency in Angolan banks based in the national territory, where they equally have to deposit the necessary values for the payment of their taxes and other financial commitments with the Angolan State.

Aguinaldo Jaime went on explaining that these changes help to standardise and compile in one diploma all the exchange regulations relating to the Angolan oil sector, adding that the current law, which will enter in force in June this year, is applicable to the national concessionaire and its associates.

"It is a step in the right direction. It is a step towards the autonomy of our financial system, towards making our financial system benefit from the exchange flow generated by the economy", explained the jurist in the interview, adding that this must be done gradually.

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