LUANDA, April 12 Angola may bring back a rule
requiring importers to pay insurance locally instead of abroad
for imports, as part of measures aimed at controlling the
outflow of capital.
Hit by depressed prices of crude oil, Africa's second
largest oil exporter has been depleting its foreign exchange
reserves to fund imports and pay down government
debt. Oil output represents 40 percent of gross domestic product
and more than 95 percent of foreign exchange revenue.
Hernani Paulo, a specialist at the National Insurance
Regulatory and Supervision Agency (ARSEG), told Reuters on
Tuesday the decree was awaiting enforcement after it was
approved by the Council of Ministers.
"It is just waiting for enforcement which can happen any
time," Paulo said.
Angola has implemented a number of currency controls,
including cutting the amount of hard currency travellers are
allowed to take abroad, to cope with a foreign currency shortage
that has led to a flourishing black market.
Until now, importers paid for insurance of their goods
overseas in foreign currency, but the new rule will force them
to pay insurance locally in the local kwanza currency.
"We need to protect our balance of payments," ARSEG
Insurance Supervision Manager Armando Costa told RNA, Angola's
National Radio Station.
(Reporting by Herculano Coroado; Writing by Nqobile Dludla;
Editing by Alison Williams)