13 February 2018

Angola: BNA Wants to Ensure Efficient Use of Foreign Currencies

Luanda — The National Bank of Angola (BNA) Friday recommended economic agents to make sure that there is an unavailability of supply in the domestic market of goods or services to be imported, to ensure the most efficient use of foreign exchange.

This recommendation follows the implementation of a new exchange rate framework which, among other measures, gives commercial banks the responsibility of selling foreign currencies to citizens and companies that need it.

The BNA as an exchange authority is responsible for regulating the market and for ensuring that it functions properly, so that the available currencies can effectively contribute to the achievement of growth and economic and social development objectives. In a communiqué made public, the Central Bank also recommends that businessmen prefer to import using letters of credit, to guarantee delivery of the contracted merchandise, as well as payment to the supplier.

In cases of importation using credit from external entities (including the credit of the exporter) or in the contracting of services, obtain the commitment or possibility of future sale of foreign currency by the commercial banks, before confirming the purchase.

In the statement, which stresses the existence of limitations on the amount of foreign currency available for sale to the economy, this situation requires careful management of currencies in order to satisfy the needs of citizens and companies to the greatest extent possible, where possible, the contracting of goods or services directly to the officially licensed producer or agents.


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