Angola: Importers compelled to underwrite local marine insurance policy

The Angolan government is intent on introducing a law requiring from importers to underwrite a local marine insurance policy and to pay the relevant premiums in local currency. This regulation has been designed to reduce local currency exit and recourse to foreign insurers.

It is worth noting that Angola is currently sustaining budget deficit and drastic shrinking of its exchange reserves. This situation is accounted for by the fluctuating oil prices, a sector that represents 95% of exchange revenues and 40% of GDP.

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