Regulatory Alerts2003-07-08
Decree No. 2003-781 of July 8, 2003 Authorizing the Issuance of New Types of 10,000 Ariary, 5,000 Ariary and 2,000 Ariary Banknotes by the Central Bank of Madagascar
The Central Bank of Madagascar, pursuant to its Board's April 2003 decision, issues Decree No. 2003-781 to authorize new 10,000, 5,000, and 2,000 ariary banknotes with characteristics detailed in the Annex. The decree mandates an initial issuance date of July 31, 2003, requires mandatory ariary pricing from that date (allowing dual FMG/ariary display until December 31, 2005), and establishes the iraimbilanja as the sole ariary subdivision with specific rounding rules. Furthermore, it ensures that legacy FMG banknotes retain legal tender status until November 30, 2004, mandates ariary denomination for all national currency contracts from January 1, 2005, and sets the transition to book ariary for the same date.
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