Directive No. 07 of July 28, 2025

DIRECTIVE NO. 07/2025
GOVERNOR
ORIGIN: MARKETS DEPARTMENT (MD)
DATE 28/07/2025
SUBJECT: FINANCIAL SYSTEM

• Requirements for the Calculation and Compliance of Mandatory Reserves

Whereas it is necessary to update the requirements for determining and complying with Mandatory Reserves in light of the current macroeconomic framework, aiming to enhance monetary policy instruments, pursuant to Instruction No. 06/24 of June 12 regarding Mandatory Reserves; This Directive establishes the following:

1. The period for establishing the base for calculating Mandatory Reserves in National Currency (MN) and Foreign Currency (ME) is monthly, with the calculation performed in the following month (m+1) after the balance formation month (m), and compliance occurring in the subsequent month (m+2);
2. The Mandatory Reserve coefficient in MN applied to the monthly average balances of the items comprising the base, as stipulated in paragraph 2 of Instruction No. 06/24 of June 12 regarding Mandatory Reserves, is set at 18% (eighteen percent).
3. The Mandatory Reserve coefficient applied to the monthly average balances of Local Government and Municipal Administration accounts in MN is set at 18% (eighteen percent).
4. The daily balances of the Mandatory Reserve account in MN, opened at the Banco Nacional de Angola (BNA) under each Banking Financial Institution's name, are eligible for fulfilling Mandatory Reserves in MN.

CONTINUATION OF DIRECTIVE NO. 07/2025 Page 2 of 4
5. Whenever the average balance during the period in the Mandatory Reserve account is lower than the effective requirement, a failure to meet the Mandatory Reserve level is considered.
6. The daily balances of guarantee accounts for the Credit Transfer Subsystems (STC), Check Clearing Subsystem (SCC), Direct Debits Subsystem (SDD) and Multicaixa Subsystem (MCX) are not eligible for fulfilling Mandatory Reserves in MN.
7. The Mandatory Reserve coefficient in ME applied to the monthly average balances of items comprising the base, as stipulated in paragraph 3 of Instruction No. 06/24 of June 12 regarding Mandatory Reserves, is set at 22% (twenty-two percent).
8. The Mandatory Reserve coefficients applied to the daily balances of Central Government accounts in ME, Local Governments and Municipal Administrations in ME, are 100% (one hundred percent).
9. The following assets are eligible for fulfilling Mandatory Reserves in ME:
a) National Treasury bonds in ME 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 requirement; and b) The balance of the ME deposit account opened at the Banco Nacional de Angola under each Banking Financial Institution's name, net of the amount corresponding to 100% (one hundred percent) of deposits held in the name of the Central Government, maintained in the Institution's books.
10. The Credit Rights item comprises:
a) 80% (eighty percent) of assets representing the value of disbursements for regular MN credit loans, pertaining to projects in Agriculture, Livestock, Forestry and Fisheries sectors, granted until April 14, 2021, provided they have a remaining maturity of equal to or greater than 24 (twenty-four) months;

CONTINUATION OF DIRECTIVE NO. 07/2025 Page 3 of 4 b) Credits defined according to Article 8 of Notice No. 10/24 of December 20 regarding Credit Granting to the Real Sector of the Economy, regardless of remaining maturity; c) Credits defined according to Article 11 of Notice No. 09/24 of December 20 regarding Housing Credit Granting, regardless of remaining maturity; d) The outstanding principal of the effective credits to be deducted from mandatory reserves, referred to in the preceding clauses, shall only be processed after validation by the Organizational Unit of the Banco Nacional de Angola responsible for Credit Monitoring under the aforementioned regulations; e) For the purpose of total or partial deduction of credit rights, Banking Financial Institutions must submit information to the Organizational Unit of the Banco Nacional de Angola responsible for Credit Monitoring under the aforementioned regulations, specifying the credits to be deducted from Mandatory Reserves. f) Credit rights are suspended, pending proper regularization with the Organizational Unit of the Banco Nacional de Angola responsible for Credit Monitoring, regarding all credit operations granted under Notice No. 10/24 of December 20 and Notice No. 09/24 of December 20, which are in a state of non-compliance for a period equal to or greater than 180 (one hundred eighty) days.
11. For the purpose of establishing the base for calculating Mandatory Reserves, Banking Financial Institutions must consider deposits from June 1, 2025.
12. The effective compliance with the requirement mentioned in the preceding paragraph shall take effect from August 1, 2025.
13. Doubts and omissions arising from the interpretation of this Directive are resolved by the Banco Nacional de Angola.

CONTINUATION OF DIRECTIVE NO. 07/2025 Page 4 of 4
14. Directive No. 06/25 of May 27 regarding Requirements for the Calculation and Compliance of Mandatory Reserves is hereby revoked.
15. This Directive enters into force on the date of its publication.
Luanda, July 28, 2025.
MARKETS DEPARTMENT
Tânia Patrícia de Oliveira Mendes Lopes

• Director -