Regulatory Alerts2004-07-27
Decree No. 2004-731 Establishing the Continuous Interbank Foreign Exchange Market
The Prime Minister of Madagascar, acting in Council of Government, issued Decree No. 2004-731 to establish the Continuous Interbank Foreign Exchange Market (MID) and designate the Central Bank of Madagascar as its supervisory authority. The decree mandates that market operations be governed by a Market Convention and an Ethics Code, while granting the Central Bank exclusive power to admit participants, impose sanctions up to exclusion, and intervene on a spot basis. All conflicting prior provisions are repealed, with implementing details to be specified by ministerial order and central bank instructions, and the decree takes immediate effect upon broadcast or posted publication.
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