2004-07-22

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.

Madagascar

Banky Foiben'i Madagasikara

Show thumbnailShow full textSourceAdd to collection

Show full text

INSTRUCTION NO. 004-CR/04 OF JULY 22, 2004 ON THE MANDATORY RESERVES SYSTEM

The Central Bank has decided to apply a mandatory reserves coefficient of 15% on all deposits (including term and savings deposits).

This instruction applies to reserves to be established as of July 15, 2004.

THE GOVERNOR, Gaston RAVELOJAONA.