Regulatory Alerts1994-04-21
Instruction No. 3/94: Monetary Policy - Remuneration of Bank Reserves
The Governor of the National Bank of Angola issued Instruction No. 3/94 to establish a 6% annual interest rate on voluntary reserve deposits held by financial institutions at the Central Bank. The regulation mandates that interest be calculated on daily balances exceeding mandatory reserve requirements and credited semi-annually to each institution's reserve account on the last business day of each calendar semester. This directive aligns reserve remuneration with the 1994 Monetary Programming and Economic and Social Program objectives, taking immediate effect upon publication.
INSTRUCTION NO. 3/94 SUBJECT: MONETARY POLICY
- Bank Reserves
- Remuneration Considering the need to define the remuneration of voluntary reserves maintained by financial institutions with the Central Bank, as provided for in Article 6 of Instruction No. 6/92 of August 12;
Taking into account that such remuneration must be in harmony with the Monetary Programming and with the objectives established in the Economic and Social Program for 1994, In the exercise of the competence provided for in the current Organic Law, I HEREBY DETERMINE: Article 1
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The voluntary deposits of financial institutions at the Central Bank shall be remunerated with interest calculated at a rate of 6% per annum, payable semi-annually on daily balances exceeding the mandatory reserve requirements, determined based on the criterion established in point No. 1 of Article 6 of Instruction No. 6/92 of August 12.
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The National Bank of Angola shall credit the aforementioned interest to the Bank Reserves account of each depositing financial institution on the last business day of each semester of the calendar year. Article 2 This Instruction enters into force immediately. Luanda, April 22, 1994.
THE GOVERNOR GENEROSO HERMENEGILDO GASPAR DE ALMEIDA