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Print articleNew Rules On Current Invisibles Operations
December, 2013 - PLMJ International Legal Network
The National Bank of Angola (Banco Nacional de Angola - “BNA”) recently published Notice n.º 13/2013 (the “Notice”) dated 6 August. The aim of this Notice is to ensure greater efficiency and flexibility in international payments and transfers from Angola. The Notice establishes the procedures for making payments and transfers in transactions related to travel, current transfers, payments for services and income when made between residents and non-residents and/or between Angola and abroad.
It is important to note that the Notice does not apply to operations subject to Law no. 2/12 of 13 January (the exchange law for the oil sector). Neither does it apply to transactions related to the transfer of profits and dividends of non-residents resulting from financial applications and capital, or to prizes from gaming or to transfers to social security and pension funds, all of which are governed by their own regulations.
Current invisibles operations are deemed to be "current transactions not involving goods, including those relating to travel and transfers that are current in nature, payments and receipts for services and income when made between Angola and abroad or between residents and non-residents, with a maturity of 360 days or less."
It is important to note that the Notice does not apply to operations subject to Law no. 2/12 of 13 January (the exchange law for the oil sector). Neither does it apply to transactions related to the transfer of profits and dividends of non-residents resulting from financial applications and capital, or to prizes from gaming or to transfers to social security and pension funds, all of which are governed by their own regulations.
Current invisibles operations are deemed to be "current transactions not involving goods, including those relating to travel and transfers that are current in nature, payments and receipts for services and income when made between Angola and abroad or between residents and non-residents, with a maturity of 360 days or less."
