Regulatory Alerts1991-10-16
Instruction No. 03/91: Monetary Policy - Credit Operations and Limits
Issued by the National Bank of Angola, this instruction establishes a quantitative credit limit regime for all domestic financial institutions to align credit expansion with monetary programming, inflation targets, and external reserve goals. It defines controlled credit as the aggregate balance of Internal Credit, allocates quarterly limits proportionally to each institution's share of system-wide deposits, and exempts credits funded by fiscal or foreign resources. The directive mandates specific reporting schedules attached to the Monthly Synthetic Balance Sheet, assigns monitoring and enforcement responsibilities to designated directorates, and requires institutions exceeding their monthly limits to deposit the excess amount interest-free with the Central Bank until regularized.