Notice No. 13/1996, of July 29

NOTICE No. 13/96,
Of July 29

Considering the need to adjust rediscount rates and bank interest rates in accordance with the principles and objectives of monetary policy; In compliance with the Resolution of the Council of Ministers dated July 26, 1996 and Articles 26 and 69 of the Organic Law of the National Bank of Angola. I HEREBY DETERMINE:
ARTICLE 1

1 - Monetary correction is instituted on active and passive operations carried out by commercial banks,

2 - The monetary correction index to be applied to the operations mentioned in the preceding point shall be equal to the variation of the exchange rate of the primary market observed over the last thirty (30) days and published by the National Bank of Angola.

3 - In the event that the monetary correction index recorded during the period is negative, the monetary correction shall be equal to zero, with established interest rates remaining unchanged.
ARTICLE 2

1 - Demand deposits shall be monetarily corrected by applying the correction index to the monthly average balance. The monetary correction amount shall be credited to accounts on the last business day of each month.

2 - Time deposits shall be monetarily corrected every thirty (30) days after their establishment, and interest of at least zero point five percent (0.5%) per month shall be added to the corrected value. Every thirty (30) days, the commercial bank shall credit the respective account with the monetary correction amount plus interest. 2 - This Notice shall enter into force on August 1, 1996. PUBLISHED:
Luanda, July 29, 1996
THE GOVERNOR

SEBASTIÃO BASTOS LAVRADOR