Regulatory Alerts2023-07-24
Instruction No. 08/2023 on the Custody Fee for Free Reserves at the National Bank of Angola
The National Bank of Angola issued Instruction No. 08/2023 to impose a 0.1% daily custody fee on free reserves held by Banking Financial Institutions, thereby promoting financial intermediation and economic diversification. The directive establishes a two-tier calculation base where the first Kz 4 billion of excess mandatory reserves are exempt, while amounts exceeding this threshold incur the fee computed daily on closing balances and automatically debited via SPTR the next business day. This regulation revokes Instruction No. 01/21, enforces compliance under the General Regime of Financial Institutions Law, and centralizes interpretative authority with the National Bank of Angola.
Share