RegAlert2021-02-01
Added · Updated
Directive No. 01-DMA-DSP-2021, dated February 2
The National Bank of Angola, through its Departments of Asset Markets and Payment Systems, establishes specific National Currency Mandatory Reserve and Settlement Accounts for commercial banks to centralize effective reserve requirements. These accounts mandate that 100% of the national currency reserve requirement remains locked, while permitting a maximum 1% excess balance, and require commercial banks to submit electronic transfer orders by 01:00 before the Real-Time Payment System closes. The directive immediately enters into force, resolving all interpretive ambiguities under the central bank's authority to ensure strict compliance with existing financial regulations.
BNA published 2 documents in the last 30 days — get each new one by email the day it lands.
GOVERNOR
DIRECTIVE NO. 01/DMA/DSP/2021
ORIGIN: Department of Asset Markets (DMA)
Department of Payment Systems (DSP)
DATE
02/02/2021
SUBJECT: FINANCIAL SYSTEM
- Procedures for the Operationalization of Reserve Accounts of Commercial Banks in National Currency (NC)
Given the need to adjust rules and procedures for the operationalization of reserve accounts of commercial banks in national currency, domiciled at the National Bank of Angola, as well as to ensure effective compliance with reserve requirements, in accordance with Instruction No. 16/2020 of October 2 and Directive No. 04/DMA/2020 of October 6; This Directive serves to establish the following:
- Specific National Currency (NC) Mandatory Reserve and payment settlement accounts are created alongside the Real-Time Payment System (RTPS), designated as “Mandatory Reserve Account” and “Settlement Account”, held by Commercial Banks.
- The Mandatory Reserve Account is designated for depositing funds corresponding to the effective reserve requirement – Mandatory Reserve - in national currency (NC), which must correspond to 100% (one hundred percent) of the effective national currency reserve requirement and remain locked in the Mandatory Reserve Account.
- The Settlement Account is designated for depositing funds used by Commercial Banks to conduct debit and credit operations within the payment system.
- For the purpose of transferring balances between the “Mandatory Reserve Account” and the “Settlement Account”, Commercial Banks must send transfer order(s) to the electronic addresses sptr.help@bna.ao and dma@bna.ao, by 01:00 (one o'clock), before the RTPS system closes.
CONTINUATION OF DIRECTIVE NO. 01/DMA/DSP/2021 Page 2 of 2 - Commercial Banks are authorized to hold in the “Mandatory Reserve Account” a maximum excess of 1% (one percent) of their effective compliance obligation in national currency (NC).
- Doubts and omissions resulting from the interpretation of this Directive are resolved by the National Bank of Angola.
- This Directive enters into force immediately.
Luanda, February 2, 2021.
DEPARTMENT OF ASSET MARKETS
Tânia Patrícia de Oliveira Mendes Lopes
-Director-
DEPARTMENT OF PAYMENT SYSTEMS
Edgar Bruno da Costa
-Director-
Read the rest free
Lineage: In force
Source: Banco Nacional de Angola — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from BNA
BNA published 2 documents in the last 30 days. We email you each new one the day it's published.