The Central Bank’s measure targets commercial banks and customers and is related to forward exchange operations
The National Bank of Angola (BNA), as financial regulator, implements new rules related to forward exchange operations between commercial banks and customers. Considered agreements for the purchase and sale of Kwanzas and foreign currency, these operations will have specific restrictions and will require detailed contracts, as stated in notice no. 13/2023 from the National Bank of Angola (BNA) on forward foreign exchange operations.
According to the document, forward foreign exchange transactions, which involve agreements between commercial banks and customers to buy or sell currencies in specific amounts, predetermined exchange rate and future maturity date, are now under stricter regulation.
The new notice issued by the financial regulator applies strictly to financial institutions, defining the conditions for forward exchange operations. Commercial banks are authorized to carry out such operations only with specific customers, such as natural persons, legal entities, importers, exporters, oil and diamond companies and state entities.
These operations are intended to cover exchange rate risks related to specific import or export transactions of goods. Furthermore, commercial banks are permitted to contract private forward exchange transactions with natural persons. These operations may involve the national currency (kwanza) and any other freely convertible foreign currency.
The maximum term for forward exchange transactions was established at 1 year for legal entities and six months for natural persons. Before carrying out any operation, commercial banks are obliged to conclude a specific contract with their customers.
This contract, according to regulations, must include details such as the amount, currency, term, exchange rate, among other elements, following standard procedures defined by the regulator. These new measures aim to ensure greater transparency and control in forward exchange operations, protecting the interests of all parties involved, according to the regulatory document to which the newspaper OPAÍS had access.
Economist applauds BNA measure
In reaction, economist Eduardo Manuel said that the measure is positive because it will allow the amount of currency that was available for sale to be available to other buyers who need larger quantities, to import goods and services. The expert highlighted that the BNA, by placing a time limit on commercial banks for the sale of currency, will allow them to always have currency available for sale, regardless of the quantity that commercial banks can purchase from the financial regulator.
“Even if commercial banks do not buy currency from the BNA, the fact that customers do not purchase currency within the time limit will allow commercial banks to always have currency for sale”, he emphasized. Eduardo Manuel highlighted that, for this measure, the biggest beneficiaries will be companies importing goods and services. In this way, there will be greater rigor on the part of commercial banks in complying with the deadlines established by the BNA.
Economist Marlino Sambongue also highlighted that the approval of the new notice to purchase euros or dollars, for example, in installments extends the purpose of operations that are no longer intended exclusively for legal and natural persons who import and export goods in a period of one year.
This notice also includes operators or private customers who do not carry out import or export operations of goods within a period of up to six months. For Marlino Sambongue, this measure provides greater security to private operators who now have a protection instrument once morest the risk of exchange rate variation, which may occur over an agreed period, thus allowing them to carry out their operations without worrying regarding whether the exchange rate will appreciate or depreciate. “As the private operator will be able to negotiate the purchase or sale of currency with the commercial bank, an exchange rate within a given period that does not exceed six months”, he said.
BY: Francisca Parente
