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.
INSTRUCTION NO. 002-GV/OF-2004 of November 15, 2004 on the standardization of cheques This instruction establishes commonly accepted standards regarding bank cheques aimed at improving their processing. Effective January 1, 2005: 1.: Cheques must be denominated in Ariary (Ar) 2.: The common standards detailed in the annex to this instruction must be respected. (84Ko) 3.: Cheques are written in French 4.: Each institution will take the necessary measures to ensure the processing of cheques denominated in FMG issued before January 1, 2005. 5.: Transferred cheques: A transferred cheque is a cheque denominated in Ariary on a Malagasy Franc form. It is strongly recommended not to use "transferred" cheques. The use of cheque forms (Malagasy Francs) to pay in Ariary may indeed create confusion, and may result in processing fees charged by the bank to the issuer. Done at Antananarivo, on November 15, 2004 The Governor, Gaston RAVELOJAONA.