Regulatory Alerts1993-09-10
Notice No. 09/93 dated September 10
The National Bank of Angola issued Notice No. 09/93 to update outdated fixed interest rates and align banking activities with national economic demands. The regulation establishes maximum annual interest rates for individual and corporate time deposits ranging from 13% to 18% based on maturity, while prohibiting interest on checking accounts. It further mandates annual interest rates for central bank operations with financial institutions, caps short-term lending rates at 30% per annum, introduces a 5% annual fee on unused medium- and long-term credit, and sets a 10% annual penalty rate for defaulted debts.
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