Regulatory Alerts2011-07-15
Bank of Angola Notice No. 08/2011, July 15
The Bank of Angola issued Notice No. 08/2011 to establish supplementary rules and minimum operating requirements for credit cooperative societies, aligning domestic regulations with international standards. The notice mandates a comprehensive authorization application process requiring specific documentation, including proof of financial and technical capacity, a 5% prior deposit, and a detailed three-year business plan. It sets a minimum social capital of Kz 5 million, establishes a mandatory membership floor of 25 individuals or legal entities, and outlines capital adjustment mechanisms, reserve requirements, and freely negotiable interest rates.
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