One hundred and fifty billion kwanzas is the amount authorized to the Finance Minister, to use the issuance of Treasury Bonds in national currency (OT-MN), to diversify the portfolio of Recredit- Assets Management.
According to the Presidential Order of July 12, published in State Gazette, which Angop had access, the need for this value is admitted, in order to enhance the opportunities for attracting liquidity in the financial market.
This will facilitate the leverage of the objectives underlying the operations of acquisition of doubtful bank loans collection.
The issuance of the treasury bonds, made within the limit established in the General State Budget (OGE), are delivered directly to the said commercial company “Recredit”, at nominal value, without discount, as a way to enhance the opportunities for capturing liquidity in the financial market.
So, the Finance Minister shall establish, by executive decree, the nominal value, the update mechanism, the repayment terms and the schedule for issuing these bonds, which shall be included in the general obligation.
The repayment term is 14 weeks, according to the presidential order, while coupon interest is 7% per a year, payable semi-annually in the issuing currency, on the respective maturity date or next business day.
The Finance minister is also authorized to establish the limits in force, tax and financial incentives, for the benefit of the holders of the treasury bonds (OT).
On the other hand, the placement of the bonds, in accordance with the provisions of the legal tool, is carried out in the National Reserve Bank of Angola (BNA).
The strategic framework of the commercial company Recredit was approved at a joint session of the Economic Commission and the Commission for Real Economy of the Cabinet Council, held on May 9 this year.