Regulatory Alerts1991-10-15
Instruction No. 05/91: Monetary Policy - Credit Operations and Rediscount
The National Bank of Angola issued Instruction No. 05/91 to approve its Bank Operations Regulation, establishing the legal and operational framework for conducting monetary policy credit facilities. The regulation classifies operations into Treasury Credit and Secured Credit, defining beneficiary eligibility, maturity limits (up to six and three months respectively), exposure caps based on deposits or equity, and mandatory collateral requirements including a 130% coverage ratio for secured loans. It mandates strict procedural controls for proposal formalization, daily accounting, custody, and monthly inventory audits, while explicitly prohibiting open market operations subject to repurchase or resale agreements.
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