Bank deposits in Angola guaranteed up to US$43,800

12 September 2018

Bank deposits domiciled in Angolan territory are guaranteed up to a limit for each depositor of 12.5 million kwanzas (US$43,800), following the entry into force of the Deposit Guarantee Fund.

The presidential decree that approved the Deposit Guarantee Fund, which came into force on 22 August, noted the fund is a legal entity governed by public law, with headquarters in Luanda, working with the National Bank of Angola, focused on a guarantee of repayment of deposits made with banking institutions domiciled in Angolan territory and participating in the fund.

All banks authorised to hold deposits and subject to the prudential supervision of the National Bank of Angola are required to participate in the Fund, “guaranteeing the repayment of all the cash balances of each depositor up to 12.5 million kwanzas.”

The presidential decree provided by the Regional Coordination of Legis-PALOP+TL determines that financial institutions are also obliged to provide information to the public regarding this deposit-guarantee system.

The amount of the initial contribution to the Deposit Guarantee Fund, as well as the annual contribution, will be set by a Bank of Angola Notice. (macauhub)