Directive No. 07/DMA-2021, of July 6

GOVERNOR
DIRECTIVE NO. 07/DMA-2021
ORIGIN: ASSETS MARKET DEPARTMENT (DMA)
DATE 06/07/2021
SUBJECT: FINANCIAL SYSTEM

• Requirements for the Calculation and Compliance of Foreign Currency (ME) Mandatory Reserves
  In order to adjust the calculation and compliance requirements for Mandatory Reserves to the current macroeconomic stability framework, with a view to the efficiency of monetary policy instruments, in accordance with Instruction No. 02/2021, dated February 10, regarding Mandatory Reserves. This Directive serves to establish the following:

1. The Foreign Currency (ME) Mandatory Reserves coefficient, to be applied to the balances of the weekly average of the items comprising the tax base, as defined in number 2 of Instruction No. 02/2021 dated February 10, regarding Mandatory Reserves, is set at 22% (twenty-two percent).
2. The following assets are eligible for the compliance of Foreign Currency (ME) Mandatory Reserves:
   a) Foreign Currency Treasury Bonds, belonging to the banking financial institution's own portfolio, registered in SIGMA, relating to the special issuance of December 10, 2015, up to 50% (fifty percent) of effective eligibility; and b) The balance of the Foreign Currency deposit account opened at the National Bank of Angola, in the name of each banking financial institution, reduced by the corresponding amount to 100% (one hundred percent) of deposits in the name of the Central Government maintained in the books of the banking financial institution.

CONTINUATION OF DIRECTIVE NO. 07/DMA-2021 2 of 2
3. For the purposes of establishing the tax base for calculating Mandatory Reserves, banking financial institutions must consider deposits made from August 2, 2021.
4. The effective compliance with the aforementioned requirements must occur by August 9, 2021.
5. Doubts and omissions arising from the interpretation of this Directive are resolved by the National Bank of Angola.
6. Numbers 6 and 8 of Directive No. 05/DMA/2021, dated May 5, are hereby revoked.
7. This Directive enters into force immediately.
Luanda, July 6, 2021.
ASSETS MARKET DEPARTMENT
Tânia Patrícia de Oliveira Mendes Lopes
-Director-