Directive No. 08-DME-2022, August 1

GOVERNOR DIRECTIVE NO. 08/DME/2022 ORIGIN: MARKETS DEPARTMENT (DME) DATE 01/08/2022 SUBJECT: FINANCIAL SYSTEM

• Requirements for the Calculation and Compliance of Mandatory Reserves

Given the need to update the requirements for determining and complying with Mandatory Reserves in line with the current macroeconomic stability framework, aiming at the efficiency of monetary policy instruments, pursuant to Instruction No. 02/2021 dated February 10: This Directive serves to establish the following:

1. The period for establishing the incidence base for calculating Mandatory Reserves in national currency (NC) and foreign currency (FC) is weekly.
2. The Mandatory Reserve coefficient in NC to be applied to the balances of the weekly average of the items comprising the incidence base, as defined in Article 2 of Instruction No. 02/2021 dated February 10 regarding Mandatory Reserves, is 17% (seventeen percent).
3. The Mandatory Reserve coefficient to be applied to the balances of the weekly average of accounts for Local Governments and Municipal Administrations – NC, is 17% (seventeen percent).
4. Daily balances of the NC mandatory reserve account, opened at the National Bank of Angola (BNA) in the name of each Banking Financial Institution, are eligible for fulfilling Mandatory Reserves in NC.
5. Daily balances of the guarantee accounts for the Credit Transfer Subsystem (STC), Check Clearing Subsystem (SCC), Direct Debits Subsystem (SDD), and Multicaixa Subsystem (MCX) are not eligible for fulfilling Mandatory Reserves in NC.

CONTINUATION OF DIRECTIVE NO. 08/DME/2022 Page 2 of 3 6. The Mandatory Reserve coefficient in FC, to be applied to the balances of the weekly average of items comprising the incidence base, as defined in Article 3 of Instruction No. 02/2021 dated February 10 regarding Mandatory Reserves, is fixed at 22% (twenty-two percent). 7. The Mandatory Reserve coefficients to be applied to the daily balances of accounts for the Central Government – FC, Local Governments and Municipal Administrations – FC, are 100% (one hundred percent). 8. The following assets are eligible for fulfilling Mandatory Reserves in FC: a) Foreign Currency Treasury Bonds, belonging to the Banking Financial Institution's own portfolio, registered in SIGMA, relating to the special issuance of December 10, 2015, up to 50% (fifty percent) of effective eligibility; and b) The balance of the FC deposit account opened at the National Bank of Angola, in the name of each Banking Financial Institution, net of the corresponding 100% (one hundred percent) of deposits in the name of the Central Government, held in the Financial Institution's books; 9. The Credit Rights item comprises: a) 80% (eighty percent) of Assets representing the value of disbursements for NC loans in regular status, relating to projects in the agriculture, livestock, forestry, and fisheries sectors, granted until April 14, 2021, provided they have a remaining maturity equal to or greater than 24 (twenty-four) months; b) Loans defined in accordance with Article 8 of Notice No. 10/2022 dated April 6 regarding Credit Concession to the Real Sector of the Economy, regardless of remaining maturity; c) Loans defined in accordance with Article 10 of Notice No. 09/2022 dated April 6 regarding Housing Credit Concession, regardless of remaining maturity;

CONTINUATION OF DIRECTIVE NO. 08/DME/2022 Page 3 of 3 d) The actual deduction of loans from mandatory reserves, referred to in the preceding sub-items, shall only be carried out after validation by the Credit Monitoring Office (GAC); e) For the purpose of total or partial deduction of credit rights, Banking Financial Institutions must submit information to GAC, indicating the loans to be deducted from Mandatory Reserves. 10. Effective compliance with the enforceability requirement shall occur starting from August 1, 2022. 11. Doubts and omissions arising from the interpretation of this Directive shall be resolved by the National Bank of Angola. 12. Directive No. 06/DMA/2022 dated June 2 is hereby revoked, along with all regulations contrary to the provisions of this Directive. 13. This Directive enters into force immediately. Luanda, August 1, 2022. MARKETS DEPARTMENT Tânia Patrícia de Oliveira Mendes Lopes -Director-