Regulatory Alerts2019-04-03
Notice No. 04/2019 on Credit Concession to the Real Economy Sector
The National Bank of Angola issued Notice No. 04/2019 to mandate banking financial institutions to allocate at least 2% of their December 31, 2018 total assets to credit for essential national goods like poultry, livestock, crops, and processed foods. The regulation caps the total cost of such credit at 7.5% annually, prioritizes foreign currency sales for these productions, and allows the full credit value to be deducted from mandatory reserve requirements. Banks must comply with risk assessment, AML/CFT obligations, and a 'comply or explain' reporting framework to support Angola's economic diversification and reduce import dependency.
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