Regulatory Alerts2007-05-10
Instruction No. 001-CR/07 of May 10, 2007 on Open-Market Operations
The Governor of the Central Bank of Madagascar issued Instruction No. 001-CR/07 to establish a formal framework for open-market operations, enabling the bank to conduct secondary market purchases and sales of public securities such as Treasury Bills. The regulation mandates that credit institutions participate through either auction-based or bilateral procedures, specifying precise timelines for bid submissions, rate quotations, and settlement accounting. It further standardizes interest calculations, marginal tranche allocations, and result announcements to ensure transparent monetary policy implementation.
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