Regulatory Alerts1995-06-23
Notice No. 04/95: Monetary Policy - Bank Reserves Remuneration
The Governor of the Central Bank of Angola issued Notice No. 04/95 to establish the remuneration framework for voluntary reserves held by financial institutions at the central bank. The directive mandates that interest on these deposits be calculated at 0.5% above each institution's respective demand deposit rate, with tiered rates calculated via a weighted average, and requires monthly crediting by the 10th business day of the following month. The Banking Supervision Directorate is tasked with verifying declared rates, and this notice immediately supersedes Instruction No. 3/94 of April 22, 1994.
NOTICE NO. 04/95
SUBJECT: MONETARY POLICY
- Bank Reserves
- Remuneration
Considering the need to define the remuneration of voluntary reserves maintained by Financial Institutions with the Central Bank, as provided for in Article 7 of Instruction No. 1 of 23/06/95. In exercise of the competence provided for in the current Organic Law, I HEREBY DETERMINE:
ARTICLE 1
- The voluntary deposits of Financial Institutions at the Central Bank shall be remunerated with interest calculated at a rate corresponding to 0.5% above the remuneration rate of demand deposits of each institution.
- If differentiated interest rates are applied by tiers, the remuneration of voluntary deposits shall be calculated based on the weighted average rate of the rates applied to demand deposits, increased by 0.5%.
- Interest shall be due monthly and credited to the bank reserve accounts of each depositing Financial Institution by the 10th business day of the following month.
ARTICLE 2 The Banking Supervision Directorate shall verify the rates declared by Financial Institutions.
ARTICLE 3 This notice takes effect immediately, and Instruction No. 3/94 of 22 April is hereby repealed.
Luanda, 23 June 1995
THE GOVERNOR António Gomes Furtado