Angola | 2019.01.17
Deposit Guarantee Fund - Contributions and Reporting Obligations

Further to Presidential Decree No. 195/18, of 22 August 2018, which created the Deposit Guarantee Fund (“DGF”), the Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently issued Order No. 1/19, of 11 January 2019, which set forth formulas to calculate the relevant Initial and Annual Contributions due from Banking Financial Institutions operating in the country, to be paid by 28 February 2019 and 30 April 2020, respectively.

Additionally, by means of Order No. 2/19, of 11 January 2019, the BNA further established the reporting requirements and methods to be followed by said institutions in respect of deposits held by them, as well as the relevant periodicity. As a transitional provision, said Order requires Banking Financial Institutions to submit, by 31 January 2019, a statement of deposits covered by the DGF.

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