Directive No. 06/2023 of March 30

GOVERNOR DIRECTIVE NO. 06/2023 ORIGIN: MARKETS DEPARTMENT (MD) DATE 30/03/2023 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. 04/2023 of March 30.

This Directive serves to establish the following:

1. The period for establishing the incidence base for calculating Mandatory Reserves in national currency (MN) and foreign currency (ME) is biweekly.
2. The Mandatory Reserves coefficient in MN to be applied to the balances of the biweekly average of the items comprising the incidence base, as defined in Article 2 of Instruction No. 04/2023 of March 30 on Mandatory Reserves, is 17% (seventeen percent).
3. The Mandatory Reserves coefficient to be applied to the balances of the biweekly average of accounts for Local Governments and Municipal Administrations - MN, is 17% (seventeen percent).
4. Daily balances of the MN mandatory reserves account, opened at the National Bank of Angola (BNA) in the name of each Banking Financial Institution, are eligible for fulfilling Mandatory Reserves in MN.
5. For the purposes of the preceding paragraph, daily balance mobilization by Banking Financial Institutions is permitted up to 20% (twenty percent) of the effective requirement.
6. Excesses in the mandatory reserves account up to 20% (twenty percent) of the effective requirement are permitted, exempt from custody fees.

CONTINUATION DIRECTIVE NO. 06/2023 PAGE 2 of 3 7. Without prejudice to Articles 5 and 6, daily balances below the 20% (twenty percent) limit of the effective requirement and whenever the average balance for the period in the mandatory reserves account is lower than the effective requirement shall be considered non-compliance with mandatory reserves. 8. Daily balances of 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 MN. 9. The Mandatory Reserves coefficient in ME, to be applied to the balances of the biweekly average of items comprising the incidence base, as defined in Article 3 of Instruction No. 04/2023 of March 30 on Mandatory Reserves, is set at 22% (twenty-two percent). 10. The coefficients of Mandatory Reserves to be applied to the daily balances of Central Government - ME, Local Governments and Municipal Administrations - ME accounts are 100% (one hundred percent). 11. Daily balances of the ME deposit account opened at the National Bank of Angola, in the name of each Banking Financial Institution, are eligible for fulfilling Mandatory Reserves in ME, after deducting the corresponding 100% (one hundred percent) of deposits held in the name of the Central Government within the Institution's books; 12. The Credit Rights item comprises the following: a) 80% (eighty percent) of Assets representing the value of disbursements for regular MN credits, relating to projects in the agriculture, livestock, forestry, and fisheries sectors, granted by April 14, 2021, provided they have a residual maturity of 24 (twenty-four) months or more; b) Credits defined in accordance with Article 8 of Notice No. 10/2022 of April 6 on Credit Granting to the Real Sector of the Economy, regardless of residual maturity; c) Credits defined in accordance with Article 10 of Notice No. 09/2022 of April 6 on Housing Credit Granting, regardless of residual maturity;

CONTINUATION DIRECTIVE NO. 06/2023 PAGE 3 of 3 d) The actual deduction of credits from mandatory reserves, referred to in the preceding sub-items, must only be carried out after validation by the Credit Monitoring Office (GAC); e) For the purposes of total or partial deduction of credit rights, Banking Financial Institutions must submit information to GAC, indicating the credits to be deducted from Mandatory Reserves. 13. For the purposes of establishing the incidence base for calculating Mandatory Reserves, Banks must consider deposits from April 3 to 14, 2023. 14. The effective compliance with the requirement referred to in the preceding paragraph must take place from April 17, 2023. 15. Doubts and omissions resulting from the interpretation of this Directive are resolved by the National Bank of Angola. 16. Directive No. 11/MD/2022 of December 12 is revoked, as well as all regulations contrary to the provisions of this Directive. 17. This Directive enters into force immediately.

Luanda, March 30, 2023. MARKETS DEPARTMENT

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Tânia Patrícia de Oliveira Mendes Lopes -Director-