Regulatory Alerts2004-11-15
INSTRUCTION NO. 002-GV/OF-2004 OF NOVEMBER 15, 2004 ON THE STANDARDIZATION OF CHEQUES
Issued by the Governor of the Central Bank on November 15, 2004, this instruction establishes binding standardization norms for bank cheques effective January 1, 2005. It mandates that all cheques be denominated in Ariary and written in French, while requiring financial institutions to process pre-2005 Malagasy Franc cheques and adhere to the detailed annexed standards. Furthermore, it strongly recommends phasing out "transferred" cheques—Ariary-denominated instruments on Malagasy Franc forms—to prevent payment confusion and avoid additional bank processing fees for issuers.
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