Treasury & FX in Angola
17 Mar 2021
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Angola is one of the most, if not the most, challenging countries in the Middle East and Africa region for corporates operating there.
- A key challenge is transferring out foreign currency related to service contracts that require central bank approval
- A rigorous attention to documentation is critical to successful processing of and approval of service contracts and subsequent transfers out.
- Receipts collected in local currency cannot be converted and transferred out
- Provision of local services must be invoiced and collected in Kwanza
- Little value is found in the use of local banks. Most depend on their global relationship banks operating in Angola, specifically Standard Bank and Standard Chartered Bank
- Angola remains quite challenging driven by strict currency regulations and demand for the presentation of timely correct documentation in order to receive payment approvals and transfers out. Engaging with an experienced global bank such as Standard Bank or Standard Chartered Bank is critical.
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