Instruction No. 02/2026 of June 30 on Mandatory Reserves

INSTRUCTION NO. 02/2026 of June 30 SUBJECT: FINANCIAL SYSTEM − Mandatory Reserves

Given the need to update the rules and procedures that Banking Financial Institutions must observe regarding the calculation and compliance of Mandatory Reserves; Pursuant to the provisions of Article 25 and paragraph 1 of Article 98, both of Law No. 24/21, of October 18, the Law of the Bank of Angola.

I DETERMINE:

1. Object This Instruction establishes the rules and procedures for complying with Mandatory Reserves with the Bank of Angola.

2. Scope This Instruction applies to Banking Financial Institutions, as provided for in letters a), b) and d) of paragraph 2 of Article 7 of Law No. 14/21, of May 19, the Law of the General Regime of Financial Institutions.

3. Incidence Base and Eligibility 3.1. Banking Financial Institutions under the supervision of the Bank of Angola must maintain mandatory reserves in accordance with this Instruction. 3.2. The incidence base of Mandatory Reserves, in national currency (NC), consists of the amounts recorded according to auxiliary tables (1, 2, 4, 6, 7, 8 and 9) in the following accounts of the Chart of Accounts of Banking Financial Institutions: • 2.10.10. Demand Deposits; • 2.10.20. Time Deposits; • 2.10.80. Other Deposits. 3.3. The incidence base of Mandatory Reserves, in foreign currency (FC), consists of the amounts recorded according to auxiliary tables (1, 2, 4, 6, 7, 8 and 9) in the following accounts of the Chart of Accounts of Banking Financial Institutions: • 2.10.10. Demand Deposits; • 2.10.20. Time Deposits; • 2.10.80. Other Deposits. 3.4. For the purposes of this Instruction, the balances of simplified accounts within the scope of financial inclusion, demand and time deposits in national currency (NC) and foreign currency (FC), are not eligible for the calculation of Mandatory Reserves. 3.5. The assets defined in specific regulations are eligible for the compliance of Mandatory Reserves in national currency (NC) and foreign currency (FC).

4. Calculation, Compliance and Exigibility 4.1. The calculation of Mandatory Reserves is carried out on a monthly average basis. 4.2. The compliance of Mandatory Reserves in NC calculated in accordance with the previous paragraph is done on a five-week period average basis, following the calendar previously published by the Bank of Angola. 4.3. The compliance of Mandatory Reserves in FC calculated in accordance with the previous paragraph is done on a daily basis. 4.4. The incidence base defined in paragraphs 3.2 and 3.3 is subject to Mandatory Reserve coefficients, as established in specific regulations. 4.5. The exigibility for the incidence base in national currency (NC), subject to the Mandatory Reserve coefficient, as established in specific regulations, is calculated, on a monthly average basis on the arithmetic mean of the balances determined in the respective accounts on all days of the period, following the following formula: ETn = crn {∑ [Dtn (T-2)]/N} Where: • ETn = exigibility of period T in NC as established in specific regulations on the incidence base, excluding accounts of the Central Government, Local Governments and Municipal Administrations; • crn = Mandatory Reserve coefficient as established in specific regulations; • T = T-th calendar period in which the compliance of Mandatory Reserves occurs, (T=1, 2, 3,...,n); • T-2= T-th calendar period in which the final daily credit balances are constituted, recorded in the incidence base accounts referred to in paragraph 3.2, excepting accounts of the Central Government and Local Governments and Municipal Administrations, (T-1=-n, 1, 2, ..., n-1); • Dtn (T-2) = final daily credit balances recorded in the incidence base accounts referred to in paragraph 2, excepting accounts of the Central Government and Local Governments and Municipal Administrations; • N = number of business days of period T-2. 4.6. The exigibility for the incidence base in foreign currency (FC), subject to the coefficient, as established in specific regulations, is calculated on a monthly average basis on the arithmetic mean of the balances determined in the respective accounts on the days of the period, following the following formula: ETe=cre{∑[Dte(T-2)]/N} Where: • ETe = exigibility of period T in FC on the incidence base, as established in specific regulations, excluding accounts of the Central Government, Local Governments and Municipal Administrations; • cre = Mandatory Reserve coefficient as established in specific regulations; • T = T-th calendar period in which the calculation of Mandatory Reserves occurs, (T=1, 2, 3, ..., n); • T- 2 = T-th calendar period in which the final daily credit balances are constituted, recorded in the incidence base accounts referred to in paragraph 3, (T-2= -n, 1, 2, ..., n-1); • Dte (T-2) = final daily credit balances, recorded in the incidence base accounts referred to in paragraph 3.3; • N = number of business days of period T-2. 4.7. For the calculation of Mandatory Reserves, all business days of the period are considered, and for the compliance of Mandatory Reserves, all days of the period are considered. 4.8. Credit rights may be deducted from the exigibility in NC, calculated in accordance with paragraph 3.2, as per specific regulations. 4.9. The effective value of the reserves to be considered for the compliance of exigibility in NC is equal to the sum of the daily balances of the accounts of Local Governments and Municipal Administrations and the amount referred to in paragraph 3.2, weighted according to coefficients established in specific regulations, minus the amounts established in paragraph 4.8, according to the following formula: ROdn = ∑[(GLTn) +ETn – DCTn(T-1) 1)] Where: • ROdn = Effective Mandatory Reserves in NC to be considered for the compliance of exigibility on day d; • GLTn = Monthly average of accounts of Local Governments and Municipal Administrations in NC in T-2, weighted according to specific regulations; • ETn = exigibility in period T in NC, corresponding to the coefficient established in specific regulations on the incidence base, as referred to in paragraph 4.9; • DCTn = value corresponding to credit rights, as per specific regulations; • d = day of the compliance period (T). 4.10. The effective value of the reserves to be considered for the compliance of exigibility in FC is equal to the sum of the balances of the accounts of Local Governments and Municipal Administrations and the amount referred to in paragraph 3.3, weighted according to coefficients established in specific regulations, according to the following formula: ROde = ∑[GLde+ ETe] Where: • ROde = Effective Mandatory Reserves in FC to be considered for the compliance of exigibility on day d; • GLde = daily balances of accounts of Local Governments and Municipal Administrations in FC on day d, weighted according to specific regulations; • ETe = exigibility in period T in FC, corresponding to the coefficient established in specific regulations on the incidence base, as referred to in paragraph 4.9; • d = day of the compliance period (T). 4.11. The presentation of data and information regarding the calculation of exigibility, as well as the assets for its compliance in FC, must be in NC, at the primary market exchange rate (Bloomberg BGN average buy rate), of the close of the previous day, applying the same for the compliance of Mandatory Reserves in FC.

5. Non-Compliance 5.1. Sanctions provided for in paragraph 4 of Article 25 of Law No. 24/21, of October 18, the Law of the Bank of Angola, are applicable to non-compliance resulting from insufficient Mandatory Reserves in NC and in FC. 5.2. The payment of the fine resulting from the penalties provided for in the previous paragraph is made until the last day of the period following the occurrence, by debit in the Liquidation accounts in NC with the Bank of Angola, both for non-compliance in NC and for non-compliance in FC. 5.3. For non-compliance in FC, the equivalence is made through the exchange rate referred to in paragraph 4.11. 5.4. If at the end of the deadline the amount of the aforementioned penalties is not settled, the Bank of Angola proceeds to compulsory debit in the reserve account of the respective Banking Financial Institution.

6. Information Reporting 6.1. The daily balances of the items that make up the incidence base defined in paragraphs 3.2 and 3.3 and the accounts of the Central Government and Local Governments and Municipal Administrations in NC and in FC, must be reported daily to the Markets Department (DME) of the Bank of Angola, through the SupTech Portal. 6.2. For the purposes of the provision in the previous paragraph, whenever the SupTech Portal is unavailable, Banking Financial Institutions are obliged to alternatively adopt the sending of information through the SSIF or by means of the email dme_liquidez@bna.ao. 6.3. The data referred to in the previous paragraph must be in conformity with the guidelines of the Chart of Accounts of Banking Financial Institutions and must be accurate, complete, reliable and verifiable. 6.4. Banking Financial Institutions are obliged to conserve and present to the Banking Supervision Department (DSB) of the Bank of Angola, whenever requested, the documents that allow proving the information provided for the purpose of calculating exigibility.

7. Revocation Instruction No. 06/24, of June 12, on Mandatory Reserves, is revoked.

8. Sanctions Non-compliance with the information reporting rules of this Instruction constitutes an infraction provided for and punishable, in accordance with Law No. 14/21, of May 19, the Law of the General Regime of Financial Institutions.

9. Doubts and Omissions Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the Bank of Angola.

10. Entry into Force This Instruction enters into force on the day following its publication.

PUBLISH. Luanda, on June 30, 2026. THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS