Regulatory Alerts2003-07-07
Law No. 2003-004 of July 7, 2003 Amending Article 7 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar (Official Journal No. 2847, August 4, 2003)
Madagascar’s State enacted Law No. 2003-004 to amend Article 7 of the 1994 Central Bank Statutes Law, establishing the ariary as the official monetary unit while permitting the Malagasy Franc (Iraimbilanja) at a fixed one-fifth ratio. The legislation mandates that implementing regulations define its application procedures and requires publication in the Official Journal for state execution. This amendment formally replaces prior denominations with the ariary system while preserving historical naming conventions for practical use.
LAW No. 2003-004 of July 7, 2003 Amending the provisions of Article 7 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar. (Official Journal No. 2847 of August 4, 2003, p. 2025)
Article 1. The provisions of Article 7 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar are amended as follows:
Article 7 (new). The ariary is the monetary unit of Madagascar. However, the denomination: "Malagasy Franc" or "Iraimbilanja", worth one-fifth of the Ariary, is permitted.
Article 2. Regulatory texts will establish, as necessary, the implementation procedures of this law.
Article 3. This law shall be published in the Official Journal of the Republic. It shall be executed as a law of the State.