Directive No. 02/2026, of March 25

GOVERNOR
DIRECTIVE NO. 02/2026
ORIGIN: MARKETS DEPARTMENT (DME)
DATE
25/03/2026
SUBJECT: FINANCIAL SYSTEM
− Requirements for Calculation and Compliance of Mandatory Reserves Whereas it is necessary to update the requirements for calculating and complying with Mandatory Reserves to the macroeconomic framework, aiming at the efficiency of Monetary Policy instruments, in accordance with Instruction No. 06/24, of June 12, on Mandatory Reserves; This Directive serves to establish the following:

1. The period for establishing the assessment base for calculating Mandatory Reserves in National Currency (MN) and Foreign Currency (ME) is monthly, with the calculation performed in the following month (m+1) from the balance formation (m), and compliance occurring in the subsequent month (m+2).
2. The Mandatory Reserve coefficient in MN to be applied to the balances of the monthly average of the items comprising the assessment base, as set forth in item 2 of Instruction No. 06/24, of June 12, on Mandatory Reserves, is fixed at 17.5% (seventeen point five percent).
3. The Mandatory Reserve coefficient to be applied to the balances of the monthly average of Local Government and Municipal Administration accounts - MN, is fixed at 17.5% (seventeen point five percent).
4. Daily balances of the Mandatory Reserve account in MN, opened at the National Bank of Angola (BNA) in the name of each banking financial institution, are eligible for compliance with Mandatory Reserves in MN.

CONTINUATION OF DIRECTIVE NO. 02/2026 Page 2 of 4
5. Whenever the average of the balances during the period in the Mandatory Reserve account is lower than the effective requirement, it shall be considered a failure to meet the Mandatory Reserve level.
6. Daily balances of the guarantee accounts for the Credit Transfer Subsystems (STC), Direct Debits (SDD), and Multicaixa (MCX) are not eligible for compliance with Mandatory Reserves in MN.
7. The Mandatory Reserve coefficient in ME to be applied to the balances of the monthly average of the items comprising the assessment base, as set forth in item 3 of Instruction No. 06/24, of June 12, on Mandatory Reserves, is fixed at 22% (twenty-two percent).
8. The Mandatory Reserve coefficient to be applied to the daily balances of Central Government - ME, Local Government and Municipal Administration - ME accounts, is fixed at 100% (one hundred percent).
9. The following assets are eligible for compliance with Mandatory Reserves in ME:
a) National Treasury bonds in ME issued after December 20, 2024, belonging to the proprietary portfolio of banking financial institutions, registered in SIGMA, up to 50% (fifty percent) of the effective requirement; and b) The balance of the ME deposit account opened at the National Bank of Angola, in the name of each banking financial institution, minus the amount corresponding to 100% (one hundred percent) of deposits in the name of the Central Government, maintained in the books of the banking financial institution.
10. The Credit Rights item comprises:
a) Up to 80% (eighty percent) of the outstanding principal of loans granted in national currency, in regular status, intended for projects in the agriculture, livestock, forestry, and fisheries sectors, disbursed by April 14, 2021, with a residual maturity equal to or greater than 24 (twenty-four) months;

CONTINUATION OF DIRECTIVE NO. 02/2026 Page 3 of 4 b) Loans eligible under Article 8 of Notice No. 10/24, of December 20, including outstanding principal due and past due, subject to applicable weightings, deduction limits, and regularity criteria; c) Loans eligible under Article 11 of Notice No. 09/24, of December 20, including outstanding principal, regardless of their compliance status, within the deduction limits and conditions provided for in the respective regime; d) For the purposes of the preceding subparagraphs, only loans shall be considered credit rights if they:
i. Are disbursed and recorded in the institution's financial statements;
ii. Are supported by valid and verifiable contractual documentation;
iii. Are classified regarding purpose and modality in accordance with applicable Notices;
iv. Are reported to the National Bank of Angola in accordance with terms defined in specific regulation.
11. The following conditions must be considered for the deduction and maintenance of credit rights:
a) The deduction of credit rights from Mandatory Reserves must only be performed after validation by the Organizational Unit of the National Bank of Angola responsible for credit monitoring, in accordance with applicable regulations; b) For the purposes of deducting credit rights from Mandatory Reserves, Banking Financial Institutions must submit to the Organizational Unit of the National Bank of Angola responsible for credit monitoring, information regarding the operations to be considered, in accordance with terms defined in applicable regulations; c) The maintenance of eligibility for credit rights depends on the continuous compliance with the conditions established in Notices No. 10/24 and No. 09/24, of December 20, as well as the consistency of the reported information;

CONTINUATION OF DIRECTIVE NO. 02/2026 Page 4 of 4 d) Loans in a state of default for a period of less than 180 (one hundred and eighty) days remain eligible for deduction, in accordance with applicable Notices; e) Credit rights relating to credit operations in a state of default for a period equal to or greater than 180 (one hundred and eighty) days cease to be eligible for deduction, until their regularization with the Organizational Unit of the National Bank of Angola responsible for credit monitoring.
12. For the purposes of establishing the assessment base for calculating Mandatory Reserves, Banking Financial Institutions must consider deposits from February 2, 2026.
13. Effective compliance with the requirement referred to in the preceding item must occur from April 1, 2026.
14. Doubts and omissions resulting from the interpretation of this Directive shall be resolved by the National Bank of Angola.
15. Directive No. 07/25, of July 28, on Requirements for Calculation and Compliance of Mandatory Reserves, is hereby repealed.
16. This Directive enters into force on the date of its publication.
Luanda, March 25, 2026.
MARKETS DEPARTMENT

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Tânia Patrícia de Oliveira Mendes Lopes
-Director-