Regulatory Alerts2021-01-07
Instruction No. 010-DOM/20 of 14 December 2020 repealing the provisions of Instruction No. 001-DOM/20 of 10 April 2020 on special provisions applicable to banks concerning the mandatory reserve system
The Central Bank of Madagascar issued Instruction No. 010-DOM/20 to formally repeal all provisions of Instruction No. 001-DOM/20 dated 10 April 2020, which had established special rules for banks regarding the mandatory reserve system. This repeal takes effect on 1 January 2021, thereby removing the temporary or specific reserve requirements previously mandated by the April instruction. The directive ensures that banks will instead operate under the general mandatory reserve framework outlined in Instructions No. 008-DOM/19 and No. 009-DOM/19.
BANKY FOIBEN'I MADAGASIKARA
DIRECTORATE OF MONETARY OPERATIONS
INSTRUCTION NO. 010-DOM/20 repealing the provisions of Instruction No. 001-DOM/20 of 10 April 2020 on special provisions applicable to banks concerning the mandatory reserve system
The Governor of the Central Bank of Madagascar,
Having regard to Law No. 95-030 of 22 February 1996 on the activity and supervision of credit institutions, as amended,
Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017 establishing the Statutes of the Central Bank of Madagascar,
Having regard to Decree No. 2019-2069 of 6 November 2019 repealing the provisions of Decree No. 2014-1684 of 29 October 2014 on the appointment of the Governor of the Central Bank of Madagascar and appointing the Governor of the Central Bank of Madagascar,
Having regard to Instruction No. 008-DOM/19 of 25 October 2019 on the general framework governing mandatory reserves,
Having regard to Instruction No. 009-DOM/19 of 25 October 2019, as amended by Instructions No. 007-DOM/20 of 4 November 2020 and No. 009-DOM/20 of 25 November 2020 on the mandatory reserve system,
DECIDES
Article 1:
All provisions of Instruction No. 001-DOM/20 of 10 April 2020 on special provisions applicable to banks concerning the mandatory reserve system are hereby repealed.
Article 2:
This Instruction shall enter into force on 1 January 2021.
Antananarivo, 14 DEC 2020
[Stamp: BANKY FOIBEN'I MADAGASIKARA - ANTANANARIVO]
THE GOVERNOR HENRI EDMOND RABARIJOHN