Directive No. 07/2026 of 22 September: Requirements for Calculation and Compliance of Mandatory Reserves

GOVERNOR

DIRECTIVE NO. 07/2026
ORIGIN: MARKETS DEPARTMENT (DME) DATE
22/09/2026
SUBJECT: FINANCIAL SYSTEM
− Requirements for Calculation and Compliance of Mandatory Reserves

Given the need to update the requirements for determining and complying with Mandatory Reserves to the macroeconomic framework, aiming for the efficiency of Monetary Policy instruments, in accordance with Instruction No. 02/26 of 30 June regarding Mandatory Reserves;

This Directive serves to establish the following:

1. The period for constituting the incidence base for the calculation of Mandatory Reserves in National Currency (MN) and Foreign Currency (ME) is monthly.

2. The Mandatory Reserve coefficient in MN to be applied to the balances of the monthly average of the items comprising the incidence base, as provided in number 4 of Instruction No. 02/26 of 30 June regarding Mandatory Reserves, is fixed at 16.5%.

3. The Mandatory Reserve coefficient to be applied to the balances of the monthly average of accounts of Local Governments and Municipal Administrations - MN, is fixed at 16.5%.

4. The daily balances of the Mandatory Reserve account in MN, opened at the National Bank of Angola in the name of each Banking Financial Institution, are eligible for compliance with Mandatory Reserves in MN.

CONTINUATION OF DIRECTIVE NO. 07/2026 Page 2 of 4

5. Whenever the average of the period balances in the Mandatory Reserve account is lower than the effective requirement, non-compliance with the level of Mandatory Reserves is considered.

6. The daily balances of the guarantee accounts for the Credit Transfer Systems (STC), Direct Debits (SDD), and Multicaixa System (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 incidence base, as provided in number 3.3 of Instruction No. 02/26 of 30 June regarding Mandatory Reserves, is fixed at 22%.

8. The Mandatory Reserve coefficient to be applied to the daily balances of accounts of the Central Government - ME, Local Governments and Municipal Administrations - ME, is fixed at 100%.

9. The following assets are eligible for compliance with Mandatory Reserves in ME:
   a) National Treasury Bonds in ME with an issue date subsequent to 20 December 2024, belonging to the own portfolio of Banking Financial Institutions, registered in SIGMA, up to 50% of the effective requirement; and b) The balance of the deposit account in ME opened at the National Bank of Angola, in the name of each Banking Financial Institution, deducted by the amount corresponding to 100% of deposits in the name of the Central Government, maintained 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 MN in regular status, referring to projects in the sectors of agriculture, livestock, forestry, and fisheries, granted up to 14 April 2021, provided that they have a residual maturity equal to or greater than 24 (twenty-four) months;

CONTINUATION OF DIRECTIVE NO. 07/2026 Page 3 of 4

b) Credits defined in accordance with the provisions of Article 8 of Notice No. 10/24 of 20 December regarding Credit Granting 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 20 December regarding Housing Credit Granting, 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 letters b) and c) of number 10, should 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 20 December and Notice No. 10/24 of 20 December; b) For the purpose of total or partial deduction of credit rights, Banking Financial Institutions must send information to the Organizational Unit of the National Bank of Angola responsible for credit monitoring, within the scope of Notice No. 09/24 of 20 December and Notice No. 10/24 of 20 December, 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, regarding all credit operations granted under Notice No. 09/24 of 20 December and Notice No. 10/24 of 20 December, which are in a state of non-compliance for a period equal to or greater than 180 (one hundred and eighty) days.

12. The National Bank of Angola publishes the periods for constituting, calculating, and complying with mandatory reserves through its official channels.

13. Doubts and omissions resulting from the interpretation of this Directive are resolved by the National Bank of Angola.

CONTINUATION OF DIRECTIVE NO. 07/2026 Page 4 of 4

14. Directive No. 04/26 of 02 July regarding Requirements for Calculation and Compliance of Mandatory Reserves is revoked.

15. This Directive enters into force on the date of its publication.

Luanda, 22 September 2026.

MARKETS DEPARTMENT

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Tânia Patrícia de Oliveira Mendes Lopes
-Director-