Directiva No. 03/2025 of 5 February

---

GOVERNOR
DIRECTIVA NO. 03/2025
ORIGIN: MARKETS DEPARTMENT (DME)
DATE 05/02/2025
SUBJECT: FINANCIAL SYSTEM

• Requirements for Calculation and Compliance with Mandatory Reserves

Given the need to update the calculation and compliance requirements for Mandatory Reserves to the current macroeconomic framework, aiming at the efficiency of monetary policy instruments, in accordance with Instrutivo No. 06/2024 of 12 June on Mandatory Reserves; This Directive serves to establish the following:

1. The period for establishing the incidence base for calculating Mandatory Reserves in national currency (NC) and foreign currency (FC) is monthly, with the calculation performed in the following month (m+1) after the balance formation (m), and compliance occurring in the subsequent month (m+2);
2. The Mandatory Reserves coefficient in NC to be applied to the balances of the monthly average of the items comprising the incidence base, as provided in number 2 of Instrutivo No. 06/2024 of 12 June on Mandatory Reserves, is 20% (twenty percent).
3. The Mandatory Reserves coefficient to be applied to the balances of the monthly average of accounts for Local Governments and Municipal Administrations - NC, is 20% (twenty percent).
4. Daily balances of the Mandatory Reserves account in NC, opened at the Banco Nacional de Angola (BNA) under the name of each Banking Financial Institution, are eligible for compliance with Mandatory Reserves in NC.

CONTINUATION OF DIRECTIVA NO. 03/2025 Page 2 of 4
5. Non-compliance with the Mandatory Reserves level will be considered whenever the average balance of the period in the Mandatory Reserves account is lower than effective liability.
6. Daily balances of guarantee accounts for the Credit Transfer Subsystems (STC), Check Clearing Subsystem (SCC), Direct Debit Subsystem (SDD), and Multicaixa Subsystem (MCX) are not eligible for compliance with Mandatory Reserves in NC.
7. The Mandatory Reserves coefficient in FC to be applied to the balances of the monthly average of the items comprising the incidence base, as provided in number 3 of Instrutivo No. 06/2024 of 12 June on Mandatory Reserves, is fixed at 22% (twenty-two percent).
8. The Mandatory Reserves coefficients to be applied to the daily balances of Central Government accounts - FC, Local Governments and Municipal Administrations - FC, is 100% (one hundred percent).
9. The following assets are eligible for compliance with Mandatory Reserves in FC:
a) National Treasury Bonds in FC issued after 20 December 2024, belonging to the own portfolio of Banking Financial Institutions, registered in SIGMA, up to 50% (fifty percent) of effective liability; and b) The balance of the FC deposit account opened at Banco Nacional de Angola, under the name of each Banking Financial Institution, minus the corresponding 100% (one hundred percent) of deposits in the name of the Central Government, maintained in the books of the Financial Institution.
10. The Credit Rights item comprises:
a) 80% (eighty percent) of Assets representing the value of disbursements for NC credits in regular status, relating to projects in the agriculture, livestock, forestry, and fisheries sectors, granted up to 14 April 2021, provided they have a residual maturity equal to or greater than 24 (twenty-four) months; b) Credits defined according to Article 8 of Aviso No. 10/22 of 6 April on Credit Concession to the Real Sector of the Economy, regardless of residual maturity; c) Credits defined according to Article 11 of Aviso No. 09/23 of 3 August on Housing Credit Concession, regardless of residual maturity; d) The outstanding capital of the effective credits to be deducted from mandatory reserves, referred to in the preceding sub-items, must only be carried out after validation by the Organizational Unit of Banco Nacional de Angola responsible for credit monitoring under the aforementioned regulations; e) For the purpose of total or partial deduction of credit rights, Banking Financial Institutions must send information to the Organizational Unit of Banco Nacional de Angola responsible for Credit Monitoring under the aforementioned regulations, indicating the credits to be deducted from Mandatory Reserves. f) Credit rights are suspended, until due regularization with the Organizational Unit of Banco Nacional de Angola responsible for Credit Monitoring, regarding all credit operations granted under Aviso No. 10/22 of 6 April and Aviso No. 09/2023 of 3 August that are in a state of non-compliance for a period equal to or greater than 180 (one hundred and eighty) days.
11. For the purpose of establishing the incidence base for calculating Mandatory Reserves, Banking Financial Institutions must consider deposits from 1 December 2024.
12. Effective compliance with the liability referred to in the previous number must occur from 1 February 2025.
13. Doubts and omissions resulting from the interpretation of this Directive are resolved by Banco Nacional de Angola.

CONTINUATION OF DIRECTIVA NO. 03/2025 Page 3 of 4
14. Directive No. 09/24 of 20 December is revoked.
15. This Directive enters into force on the date of its publication.

Luanda, 5 February 2025.
DEPARTAMENTO DE MERCADOS
Tânia Patrícia de Oliveira Mendes Lopes

• Director -

---