Banco Nacional de Angola (“BNA”) has published a series of frequently asked questions and their answers regarding the new exchange rules, of which the following may be highlighted: 

  1. The salaries of exchange resident workers must be paid in the national currency (Kwanzas), regardless of the area of activity in which they perform their functions. This legal rule results from Law No. 2/12, of 13 January, defined by Notice 20/12, of 25 April, in force since 1 July 2013;
  2. For this purpose, exchange resident workers are considered to be citizens with their habitual legal residence in the country, foreign diplomats, consular representatives or equivalent performing functions abroad, and members of their families, and also national citizens whose absence from the country, for up to one year, is for study purposes or is determined by the exercise of public functions;
  3. Even in cases where salaries are indexed in a foreign currency, the salaries must be paid in the national currency. However, the parties are free to establish the exchange rate, but must use the exchange rate published daily by BNA as a base reference. In the case of participation in development programmes abroad, the amounts paid by the employing entity must be paid abroad, in the currency of the country of acceptance, unless there is a provision stating otherwise in the country in question, and if there is remuneration to be received in Angola, this must be paid in Kwanzas; 
  4. Regarding pensions paid directly by non-resident entities into accounts domiciled in financial institutions established in Angola, workers may receive these in a foreign currency. Where the employer makes the payment of the pensions, this must always be made in Kwanzas;
  5. Natural or legal persons who hold bank accounts domiciled in financial institutions in Angola in a foreign currency may make deposits and withdrawals. The sums in the abovementioned accounts in a foreign currency may be used by their holders;
  6. Repayment of loans obtained in a foreign currency from banking institutions and which are still in progress must, when the instalments of the credit granted are being collected, accept funds available in the accounts of the clients in any currency, regardless of the currency contracted;
  7. The exchange rate to be used by financial institutions for the repayment of credit granted in a foreign currency shall correspond to that which is in force on the day of the transaction at the creditor financial institution. The above-mentioned rate is subject to the limits imposed by the BNA rules;
  8. To obtain foreign currency for travel purposes, to pay for services or to purchase goods, use must always be made of the commercial bank where the person holds a bank account or of an exchange facility. The use of payment cards of an international brand made available by the national banks is also possible. It is recommended that the sale and purchase of currency on the informal market be avoided, due to the lack of knowledge as to its origins and the authenticity of that currency, this practice being illegal exchange;
  9. No entity or economic agent may charge for services provided or goods sold in a foreign currency, without the express authorisation of BNA. Refusal to accept the national currency as payment for goods or services sold in the country is a crime, corresponding to violation of the National Currency Law, the Exchange Law and the Civil Code, and this practice must be reported to the police authorities and to BNA.