Directive No. 04/2026, of July 2, on Requirements for Calculation and Compliance with Mandatory Reserves

GOVERNOR
DIRECTIVE NO. 04/2026
ORIGIN: MARKETS DEPARTMENT (DME)
DATE
02/07/2026
SUBJECT: FINANCIAL SYSTEM − Requirements for Calculation and Compliance with Mandatory Reserves Given the need to update the requirements for the calculation and compliance with Mandatory Reserves to the macroeconomic framework, aiming at the efficiency of Monetary Policy instruments, in accordance with Instruction No. 02/26, of June 30, on Mandatory Reserves; This Directive serves to establish the following:

1. The period for establishing the tax base for the calculation of Mandatory Reserves in National Currency (NC) and Foreign Currency (FC) is monthly.
2. The Mandatory Reserve coefficient in NC to be applied to the monthly average balances of the items that make up the tax base, as provided for in number 4 of Instruction No. 02/26, of June 30, on Mandatory Reserves, is set at 17.5%.
3. The Mandatory Reserve coefficient to be applied to the monthly average balances of Local Governments and Municipal Administrations accounts - NC, is set at 17.5%.
4. The daily balances of the Mandatory Reserve account in NC, opened at the National Bank of Angola in the name of each Banking Financial Institution, are eligible for compliance with Mandatory Reserves in NC.

CONTINUATION OF DIRECTIVE NO. 04/2026 Page 2 of 4
5. Whenever the average of the period balances in the Mandatory Reserve account is lower than the effective requirement, it is considered non-compliance with the Mandatory Reserve level.
6. The daily balances of the guarantee accounts of the Credit Transfer Subsystems (CTS), Direct Debits (DD), and Multicaixa Subsystem (MCX) are not eligible for compliance with Mandatory Reserves in NC.
7. The Mandatory Reserve coefficient in FC to be applied to the monthly average balances of the items that make up the tax base, as provided for in number 3.3 of Instruction No. 02/26, of June 30, on Mandatory Reserves, is set at 22%.
8. The Mandatory Reserve coefficient to be applied to the daily balances of Central Government accounts - FC, Local Governments and Municipal Administrations - FC, is set at 100%.
9. The following assets are eligible for compliance with Mandatory Reserves in FC:
a) National Treasury Bonds in FC with an issue date after December 20, 2024, belonging to the proprietary portfolio of Banking Financial Institutions, registered in SIGMA, up to 50% of the effective requirement; and b) The balance of the FC deposit account opened at the National Bank of Angola, in the name of each Banking Financial Institution, deducted by the equivalent of 100% of the deposits in the name of the Central Government, held in the books of the Banking Financial Institution.
10. The item Credit Rights comprises:
a) 80% of the assets representing the value of credit disbursements in NC in good standing, referring to projects in the agriculture, livestock, forestry, and fisheries sectors, granted until April 14, 2021, provided that they have a residual maturity equal to or greater than 24 (twenty-four) months;

CONTINUATION OF DIRECTIVE NO. 04/2026 Page 3 of 4 b) Credits defined in accordance with the provisions of article 8 of Notice No. 10/24, of December 20, on Granting Credit to the Real Sector of the Economy, regardless of the residual maturity; c) Credits defined in accordance with the provisions of article 11 of Notice No. 09/24, of December 20, on Granting Housing Credit, regardless of the residual maturity.
11. The following conditions must be considered for the deduction and maintenance of credit rights:
a) The deduction of Mandatory Reserves from the outstanding capital of the effective credits referred to in subparagraphs b) and c) of number 10 must only be carried out after validation by the Organizational Unit of the National Bank of Angola responsible for credit monitoring, within the scope of Notice No. 09/24, of December 20, and Notice No. 10/24, of December 20; b) For the purpose of total or partial deduction of credit rights, Banking Financial Institutions must send the information to the Organizational Unit of the National Bank of Angola responsible for credit monitoring, within the scope of Notice No. 09/24, of December 20, and Notice No. 10/24, of December 20, indicating the credits to be deducted from Mandatory Reserves; c) Credit rights are suspended, until due regularization with the Organizational Unit of the National Bank of Angola responsible for credit monitoring, for all credit operations granted under Notice No. 09/24, of December 20, and Notice No. 10/24, of December 20, that are in default for a period equal to or greater than 180 (one hundred and eighty) days.
12. The National Bank of Angola publishes the periods for the establishment, calculation, and compliance with mandatory reserves through its official channels.

CONTINUATION OF DIRECTIVE NO. 04/2026 Page 4 of 4
13. Doubts and omissions resulting from the interpretation of this Directive are resolved by the National Bank of Angola.
14. Directive No. 02/26, of March 25, on Requirements for Calculation and Compliance with Mandatory Reserves, is revoked.
15. This Directive comes into force on the date of its publication.
Luanda, July 02, 2026.
MARKETS DEPARTMENT

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Tânia Patrícia de Oliveira Mendes Lopes
-Director-