Regulatory Alerts2023-02-06
Directive No. 03-DME-2023 on Compulsory Foreign Currency Reserves
The Department of Markets at the National Bank of Angola issues Directive No. 03-DME-2023 to consolidate and adjust the procedures for compulsory foreign currency reserves applicable to financial banking institutions. The directive mandates that reserve requirements be met in US Dollars, Euros, and South African Rands based on effective daily closing balances at the National Bank's correspondent accounts, with confirmation and demobilization requests submitted via email. Repealing Directive No. 01/DSP/17, it establishes specific bank details for reserve creation, grants the National Bank of Angola authority to clarify interpretations, and takes effect on 13 February 2023.
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