Instruction No. 08/2023 on the Custody Fee for Free Reserves at the National Bank of Angola

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INSTRUCTION NO. 08/2023 of July 19
SUBJECT: FINANCIAL SYSTEM

• Custody Fee Applicable to Free Reserves Deposited at the National Bank of Angola

Whereas it is necessary to promote financial resource intermediation between Banking Financial Institutions and economic agents, aiming to foster economic diversification, thereby reducing excessive dependence on the importation of goods and services, as well as contributing to the sustainability of the country's external accounts through national production covering internal consumption needs; Pursuant to the combined provisions of paragraph a) of number 1 of Article 18 and number 1 of Article 98, both of Law No. 24/21 of October 18, the National Bank of Angola Act;

IT IS HEREBY DETERMINED:

1. Object and Scope
   This Instruction establishes the Custody Fee applicable to the free reserves of Banking Financial Institutions domiciled at the National Bank of Angola.

2. Free Reserves (Excesses)
   2.1. The free reserves of Banking Financial Institutions represent the excess of mandatory reserves deposited at the National Bank of Angola.
   2.2. For the purposes of this Instruction, free reserves comprise two levels, namely:

CONTINUATION OF INSTRUCTION NO. 08/2023 Page 2 of 3 a) Level 1 - exempt from the custody fee, corresponding to the amount of Kz 4,000,000,000 (Four Billion Kwanzas); and b) Level 2 - subject to the custody fee, corresponding to the balance of excess reserves net of the amount established in Level 1.

3. Custody Fee Payable on Free Reserves
   The custody fee is 0.1% (zero point one percent) per day.

4. Calculation Base
   4.1. The amount corresponding to the custody fee due by each Banking Financial Institution is calculated daily on the closing daily balance of the free reserve deposited at the National Bank of Angola, minus the amount referred to in paragraph a) of point 2.2 of this Instruction.
   4.2. Without prejudice to the preceding point, excesses observed in the mandatory reserve account above the limits defined in specific regulations shall be considered as free reserves.

5. Payment
   The amount due by each Banking Financial Institution is debited from its respective account with the SPTR on the next business day following the calculation.

6. Revocation
   Instruction No. 01/21 of February 2, on the Custody Fee applicable to Excess Reserves of Commercial Banks Deposited at the National Bank of Angola, is hereby revoked.

7. Sanctions
   Non-compliance with the provisions established in this Instruction constitutes an offense provided for and punishable under Law No. 14/21 of May 19, the General Regime of Financial Institutions Law.

CONTINUATION OF INSTRUCTION NO. 08/2023 Page 3 of 3
8. Doubts and Omissions
Doubts and omissions arising from the interpretation and application of this Instruction are resolved by the National Bank of Angola.

9. Entry into Force
   This Instruction enters into force on the date of its publication.

PUBLISHED.
Luanda, July 19, 2023.
THE GOVERNOR
MANUEL ANTÓNIO TIAGO DIAS

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