Directive No. 11/DME/2022

GOVERNOR DIRECTIVE NO. 11/2022 SOURCE: MARKETS DEPARTMENT (DME) DATE 12/12/2022 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 in line with the current macroeconomic stability framework, aiming at the efficiency of monetary policy instruments, pursuant to Instruction No. 02/2021 of February 10. This Directive serves to establish the following:

1. The period for establishing the tax base for calculating Mandatory Reserves in national currency (MN) and foreign currency (ME) is weekly.
2. The Mandatory Reserve coefficient in MN to be applied to the weekly average balances of the items comprising the tax base, as defined in Item 2 of Instruction No. 02/2021 of February 10, regarding Mandatory Reserves, is 17% (seventeen percent).
3. The Mandatory Reserve coefficient to be applied to the weekly average balances of Local Government and Municipal Administration accounts – MN, is 17% (seventeen percent).
4. The daily balances of the MN mandatory reserve account, opened at the National Bank of Angola (BNA) in the name of each Banking Financial Institution, are eligible for fulfilling Mandatory Reserves in MN.
5. The daily balances of the guarantee accounts for the Credit Transfer Subsystem (STC), Check Clearing Subsystem (SCC), Direct Debits Subsystem (SDD), and Multicaixa Subsystem (MCX) are not eligible for fulfilling Mandatory Reserves in MN.

DIRECTIVE NO. 11/DME/2022 PAGE 2 OF 3 6. The Mandatory Reserve coefficient in ME, to be applied to the weekly average balances of the items comprising the tax base, as defined in Item 3 of Instruction No. 02/2021 of February 10, regarding Mandatory Reserves, is set at 22% (twenty-two percent). 7. The Mandatory Reserve coefficients to be applied to the daily balances of Central Government – ME, Local Governments and Municipal Administrations – ME accounts, are 100% (one hundred percent). 8. The balances of the ME deposit account opened at the National Bank of Angola, in the name of each Banking Financial Institution, are eligible for fulfilling Mandatory Reserves in ME, after deducting the corresponding 100% (one hundred percent) of deposits held in the name of the Central Government, maintained in the books of the Financial Institution. 9. The Credit Rights item comprises the following: a) 80% (eighty percent) of the Assets representing the value of disbursements for MN loans in regular status, relating to projects in the agriculture, livestock, 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; b) Loans defined in accordance with Article 8 of Notice No. 10/2022 of April 6, regarding Credit Granting to the Real Sector of the Economy, regardless of residual maturity; c) Loans defined in accordance with Article 10 of Notice No. 09/2022 of April 6, regarding Housing Credit Granting, regardless of residual maturity; d) The effective deduction of the loans from mandatory reserves, referred to in the preceding sub-items, must only be carried out after validation by the Credit Monitoring Office (GAC); e) For the purposes of total or partial deduction of credit rights, Banking Financial Institutions must submit information to GAC, indicating the loans to be deducted from Mandatory Reserves.

DIRECTIVE NO. 11/DME/2022 PAGE 3 OF 3 10. The effective compliance with the enforceability requirement shall take effect from December 12, 2022. 11. Doubts and omissions arising from the interpretation of this Directive shall be resolved by the National Bank of Angola. 12. Directive No. 08/DME/2022 of August 1 is revoked, as well as all regulations contrary to the provisions of this Directive. 13. This Directive enters into force immediately. Luanda, December 12, 2022. MARKETS DEPARTMENT Tânia Patrícia de Oliveira Mendes Lopes -Director-