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Liquidation of exports and imports of goods

New rules for exchange operations

The Notice of the National Bank of Angola (BNA) no. 5/18 of 17.07 established the rules and procedures to be observed in the execution of foreign exchange transactions for the settlement of imports and exports of goods. Through Instruction no. 9/2018, the BNA defined the limits for foreign exchange transactions.

Notice no. 5/18 of 17.07 takes effect 60 days after its publication and does not apply to entities covered by the special exchange regimes of the oil and diamond sectors.

Imports of goods

Importation operations with a settlement period of more than 360 days from the date of customs clearing of landing are subject to the licensing of the BNA.

There are 3 payment methods: advance payments; documentary credits; charges or documentary remittances.

1. Advance payments

  • Maximum deadline: 180 days for the entry of the merchandise in the country, counted from the date of the exchange operation.
  • Limits: Up to € 25,000.00 per operation and up to € 300,000.00 per year, excluding the advances allowed under documentary credits.

2. Documentary credits

  • Maximum deadline: 360 days for goods to enter the country.
  • Limits: They can be used in the importation of goods of values ??up to € 100,000.00 and the use is obligatory in operations with a value greater than € 100,000.00.
  • Prepayment option of 10% of the total amount of the transaction.

3. Documentary Collections or Documentary Remittances

  • Limits: Collection up to € 100,000.00 per operation and Remittances up to € 50,000.00 per operation. Annual limit per importer, regardless of the payment instruments used, is € 1,000,000.00. These limits do not apply to payments for the importation of goods under external financing contracts, previously approved in the BNA.

The importer may, through his bank, reasonably request the BNA to approve an alternative payment scheme or set a different limit from what is expected. The BNA will take into account the parties involved in the operation, the nature of the goods to be imported, the term of the contract, the advantages of the price and the exchange situation of the country. To this end, supply contracts should be concluded for specific (durable) goods between the importer and an exporter, the exporter (and payment beneficiary) must be the proven manufacturer of the goods or an authorized official representative of the brand and the goods must be purchased a commodity exchange.

Exemption from licensing of the Ministry of Commerce

  • Imported goods whose value does not exceed the equivalent of USD 5,000.00;
  • Goods transported as accompanied baggage, entering the national territory by means of border checkpoints and checks declared to be under the simplified import regime;
  • Goods defined in article 14 of Presidential Decree no. 75/17 of 7 April.

Export of goods

Payment methods

  1. Advance payment.
  2. Irrevocable and non-transferable documentary credit:
    • Deadline: 180 days.
  3. Other that may be defined by the BNA.

Availability of foreign currency: The exporter must sell, within 5 days, from the date of entry of the resources in the Country, to the intermediary bank of the operation, 50% of the foreign currency resources resulting from each export operation, at the exchange rate negotiated with the bank at the date of the transaction. The remaining 50% of the foreign currency can only be used to:

  • Making payments on the foreigner in the scope of its activity;
  • Repayment of financing contracted in foreign currency and payment of interest, related costs and expenses;
  • Financial investments with the bank where the funds are domiciled;
  • Purchase of national currency for the payment of expenses or other liabilities to foreign residents.

Exemption from prior licensing: in foreign exchange transactions for the receipt of foreign currency resulting from the export of goods, except in case they are performed in a manner different from that established in Notice No. 5/18.