OIL COMPANIES OPERATING IN ANGOLA NOW OBLIGED TO MAKE PAYMENTS IN ANGOLAN CURRENCY

Wednesday, August 14, 2013
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As from 1 July 2013 all oil companies operating in Angola are obliged to make payments to the government of their taxes and to their suppliers resident in Angola in the local currency (kwanza). This forms part of the Angolan government’s strategy eventually to force all transactions in Angola to be conducted only in kwanza. Traditionally, both nationals and foreigners in Angola have preferred to conduct all business in dollars, even in domestic transactions, and the government has made it clear for a long time that it was not happy with that situation.

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