Regulatory Alerts2004-07-22
Instruction No. 004-CR/04 of July 22, 2004 on the Mandatory Reserves System
The Central Bank, under Governor Gaston Ravelojaona, mandates a 15% reserves coefficient applied to all deposits, including term and savings accounts. This Instruction establishes the reserve requirements effective from July 15, 2004. Financial institutions must calculate and hold these reserves according to the specified coefficient starting on that date.
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