Directive No. 06/2025, of May 27

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DIRECTIVE NO. 06/2025
GOVERNOR
ORIGIN: MARKETS DEPARTMENT (DME)
DATE 27/05/2025
SUBJECT: FINANCIAL SYSTEM

• Requirements for the Calculation and Compliance of Mandatory Reserves

Given the need to update the calculation and compliance requirements for Mandatory Reserves to the current macroeconomic framework, aiming at the efficiency of Monetary Policy instruments, in accordance with Instruction No. 06/24, dated June 12, regarding Mandatory Reserves; This Directive serves to establish the following:

1. The period for establishing the incidence base for calculating Mandatory Reserves in National Currency (NC) and Foreign Currency (FC) is monthly, with the calculation performed in the following month (m+1) after the balance formation (m), and compliance occurring in the subsequent month (m+2);
2. The Mandatory Reserve coefficient in NC to be applied to the monthly average balances of the items comprising the incidence base, as provided for in number 2 of Instruction No. 06/24, dated June 12, regarding Mandatory Reserves, is fixed at 19% (nineteen percent).
3. The Mandatory Reserve coefficient to be applied to the monthly average balances of Local Government and Municipal Administration accounts - NC, is fixed at 19% (nineteen percent).
4. Daily balances of the Mandatory Reserve account in NC, opened at the Banco Nacional de Angola (BNA) in the name of each Banking Financial Institution, are eligible for compliance with Mandatory Reserves in NC.

CONTINUATION OF DIRECTIVE NO. 06/2025 Page 2 of 4
5. Whenever the average balance during the period in the Mandatory Reserves account is lower than the effective liability, non-compliance with the level of Mandatory Reserves is considered to have occurred.
6. Daily balances of guarantee accounts for the Credit Transfer Subsystem (STC), Check Clearing Subsystem (SCC), Direct Debit Subsystem (SDD), 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 comprising the incidence base, as provided for in number 3 of Instruction No. 06/24, dated June 12, regarding Mandatory Reserves, is fixed at 22% (twenty-two percent).
8. The Mandatory Reserve coefficients to be applied to the daily balances of Central Government - FC, Local Government and Municipal Administration accounts - FC, are 100% (one hundred percent).
9. The following assets are eligible for compliance with Mandatory Reserves in FC:
a) Foreign Currency National Treasury Bonds issued after December 20, 2024, belonging to the own portfolio of Banking Financial Institutions, registered in SIGMA, up to 50% (fifty percent) of the effective liability; and b) The balance of the FC deposit account opened at the Banco Nacional de Angola, in the name of each Banking Financial Institution, reduced by the corresponding 100% (one hundred percent) of deposits in the name of the Central Government, maintained in the books of the Financial Institution.
10. The Credit Rights item comprises:
a) 80% (eighty percent) of Assets representing the value of disbursements for NC loans in regular status, relating to projects in the Agriculture, Animal Husbandry, Forestry and Fisheries sectors, granted up to April 14, 2021, provided they have a residual maturity equal to or greater than 24 (twenty-four) months;

CONTINUATION OF DIRECTIVE NO. 06/2025 Page 3 of 4 b) Loans defined in accordance with article 8.º of Notice No. 10/24, dated December 20, regarding Credit Concession to the Real Sector of the Economy, regardless of residual maturity; c) Loans defined in accordance with article 11.º of Notice No. 09/24, dated December 20, regarding Housing Credit Concession, regardless of residual maturity; d) The outstanding capital of the effective loans to be deducted from mandatory reserves, referred to in the preceding clauses, must only be carried out after validation by the Organizational Unit of the Banco Nacional de Angola responsible for Credit Monitoring within the scope of the aforementioned regulations; e) For the purpose of total or partial deduction of credit rights, Banking Financial Institutions must send information to the Organizational Unit of the Banco Nacional de Angola responsible for Credit Monitoring within the scope of the aforementioned regulations, indicating the loans to be deducted from Mandatory Reserves. f) Credit rights are suspended, until due regularization with the Organizational Unit of the Banco Nacional de Angola responsible for Credit Monitoring, relating to all credit operations granted under Notice No. 10/24, dated December 20, and Notice No. 09/24, dated December 20, that are in a state of non-compliance for a period equal to or greater than 180 (one hundred and eighty) days.
11. For the purpose of establishing the incidence base for calculating Mandatory Reserves, Banking Financial Institutions must consider deposits from April 1, 2025.
12. The effective compliance with the liability referred to in the preceding number must occur from June 1, 2025.
13. Doubts and omissions resulting from the interpretation of this Directive are resolved by the Banco Nacional de Angola.

CONTINUATION OF DIRECTIVE NO. 06/2025 Page 4 of 4
14. Directive No. 03/25, dated February 5, is hereby revoked.
15. This Directive enters into force on the date of its publication.
Luanda, May 27, 2025.
MARKETS DEPARTMENT
Tânia Patrícia de Oliveira Mendes Lopes

• Director -