Regulatory Alerts1996-07-25
Notice No. 14/96 of July 29
The Governor of the Bank of Angola issues this notice to establish monetary correction and a monthly interest rate of 0.25% on the voluntary and compulsory deposits held by financial institutions at the central bank. It mandates that interest and correction amounts be credited to reserve accounts on the last business day of each following month, applying a monetary correction index every thirty days to monthly average balances. The notice formally revokes Notice No. 04/95 and enters into force on August 1, 1996.
NOTICE NO. 14/96 of July 29
Considering the need to define the numbering of Voluntary and Compulsory Reserves under the Resolution of the Council of Ministers, dated July 26, 1996, and Articles 26 and 60 of the Organic Law of the Bank of Angola. I DETERMINE
Article 1 Voluntary deposits by Financial Institutions at the Bank of Angola shall be subject to monetary correction on the monthly average balance, and interest at zero point two five percent (0.25%) per month shall be paid on the corrected value. Article 2 Compulsory deposits by Financial Institutions at the Bank of Angola shall be monetarily adjusted every thirty (30) days, applying the monetary correction index to the monthly average balance; Article 3 The amounts of interest and monetary correction referred to in Articles 1 and 2 shall be credited on the last business day of the following month into the bank reserve accounts of each Financial Institution. Article 4 1- Notice No. 04/95 of June 23 is hereby revoked. 2- This Notice shall enter into force on August 1, 1996. PUBLISH
Luanda, July 29, 1996 THE GOVERNOR SEBASTIÃO BASTOS LAVRADOR