Directive No. 03-2023 of February 2, 2023

The Banco Nacional de Angola’s Department of Markets issued Directive No. 03-2023 to consolidate and standardize the foreign currency mandatory reserve accounts for banking financial institutions. The directive designates the US Dollar, Euro, and South African Rand as compliant currencies, mandates daily closing balance reporting at the central bank’s correspondent account, and requires commercial banks to submit confirmation and release requests via email. It revokes Directive No. 01/DSP/17, clarifies interpretive ambiguities under the central bank’s authority, and takes effect on February 13, 2023.

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GOVERNOR
DIRECTIVE NO. 03/DME/2023
ORIGIN: DEPARTMENT OF MARKETS (DME)
DATE
06/02/2023
SUBJECT: FINANCIAL SYSTEM

Establishment of Foreign Currency Mandatory Reserves (ME)
Given the need to consolidate the accounts defined by the Banco Nacional de Angola for compliance with mandatory reserves applicable to Banking Financial Institutions in foreign currency, in accordance with Instruction No. 02/2021 of February 10, as well as to adjust the procedures for establishing and releasing such reserves. This Directive serves to establish the following:

The currencies for compliance with mandatory foreign currency reserves are the
United States Dollar (USD), the Euro (EUR), and the South African Rand (ZAR).
The banking coordinates for establishing Foreign Currency Mandatory Reserves (ME)
will be shared in a specific communication.
For the purposes of the preceding paragraph, only the information on the actual daily closing balance at the Banco Nacional de Angola correspondent account shall be considered.
For establishing and releasing mandatory foreign currency reserves,
Commercial Banks must send confirmation communications, and requests for release to the email address dme@bna.ao.
Directive No. 01/DSP/17 of October 5 is revoked, along with any regulation
contrary to the provisions of this Directive.
Doubts and omissions arising from the interpretation and application of this Directive
are clarified by the Banco Nacional de Angola.
This Directive enters into force on February 13, 2023.
Luanda, February 6, 2023.
DEPARTMENT OF MARKETS

Tânia Patrícia de Oliveira Mendes Lopes
-Director-

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Lineage: In force

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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