Directive No. 03-DME-2023 on Compulsory Foreign Currency Reserves

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

• Compulsory Reserves in Foreign Currency (FC)
  There is a need to consolidate the accounts defined by the National Bank of Angola for compliance with the obligatory reserves applicable to Financial Banking Institutions in foreign currency, in accordance with the provisions of Instruction No. 02/2021 of 10 February, as well as to adjust the procedures for constituting and demobilising these reserves. This Directive establishes the following:

1. The currencies in which the foreign currency reserve requirements are met are the
   US Dollar (USD), the Euro (EUR), and the South African Rand (ZAR).
2. The bank details for the creation of the Mandatory Reserves in foreign currency (FC)
   will be shared in a specific communication.
3. For the purposes of the provisions of the previous paragraph, only information on
   the effective daily closing balance in the correspondent of the National Bank of Angola shall be considered.
4. For the constitution and demobilization of the obligatory reserves in foreign currency,
   the Commercial Banks must send the confirmation communications, and the demobilization requests to the e-mail address dme@bna.ao.
5. Directive No. 01/DSP/17 of 5 October and all regulations that contradict the
   provisions of this Directive are hereby repealed.
6. The doubts and omissions arising from the interpretation and application of this
   Directive shall be clarified by Banco Nacional de Angola.
7. This Directive shall enter into force on 13 February 2023.

Luanda, 06 February 2023.
MARKETS DEPARTMENT

Tânia Patrícia de Oliveira Mendes Lopes
-Director-