Notice No. 09/93 dated September 10

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NOTICE No. 09/93 of September 10
Considering the need to dynamize the activities of the banking system, in order to meet the new demands of the national economy; Considering that the fixed interest rates in force, established by Notice No. 05/91 of November 15, are outdated relative to the operational needs of the two-tier financial system being implemented in the Country; Under Articles 26 and 60 of the Organic Law of the National Bank of Angola, I determine:

Article 1
(Passive Interest Rates)

1. Checking accounts of individuals and legal entities shall not accrue interest.
2. The maximum remuneration rates for time deposits of individuals and legal entities are as follows:

I - From 90 to 180 days - thirteen percent (13%) per annum; II - From 181 days to one year - sixteen percent (16%) per annum; III - Over one year - eighteen percent (18%) per annum.
3. Time deposits existing on the date of publication of this Notice shall continue to accrue interest at the rates in force on the date of their establishment.
4. Early withdrawal of time deposits before their respective maturity date is only permitted when at least half of the agreed period from the date of their establishment has elapsed, with the applicable interest rate adjusted to three-quarters (¾) of what would be due if the term had not been interrupted, except when the effective immobilization period is less than 90 days, in which case no interest shall be paid.

1. In operations of the National Bank of Angola with Financial Institutions, interest shall be charged at the following annual rates:
   I - In Treasury Credit Operations:
   RANGE A: twenty-two percent (22%);
   RANGE B: twenty-four percent (24%);
   RANGE C: twenty-six percent (26%).
   II - In Secured Credit Operations, twenty-two percent (22%) per annum, calculated on the outstanding balance and payable monthly.
2. In short-term credit operations, Financial Institutions shall not charge rates exceeding thirty percent (30%) per annum, including interest, commissions, and any other charges.
3. In medium- and long-term credit operations, Financial Institutions may charge, in addition to the aforementioned, an immobilization fee of five percent (5%) per annum, which shall apply to the amount of credit granted and unused.
   3.1 - The immobilization fee shall be charged quarterly.
   3.2 - The aforementioned fee shall not be charged, provided that the immobilization follows a utilization schedule established upon credit approval.
4. Debtors in default are required to pay an additional fee corresponding to ten percent (10%) per annum on the overdue debt amount.
   Article 3
   This Notice enters into force on September 10, 1993, and repeals any provisions to the contrary.
   PUBLISH
   Luanda, on September 10, 1993.
   THE GOVERNOR,
   GENEROSO ERMENEGILDO GASPAR DE ALMEIDA