Regulatory Alerts2004-07-28
INSTRUCTION No. 05-CR/04 of July 28, 2004 on the Declaration of Banking Risks
Governor Gaston Ravelojaona issued Instruction No. 05-CR/04 on July 28, 2004, requiring all credit institutions to report the local currency equivalent of foreign currency credit exposures in monthly declaration annexes starting from end-August 2004. The directive mandates that these exposures be broken down by file, term, and beneficiary, and calculated using the prevailing exchange rate on each declaration's statement date. This standardized reporting framework ensures accurate currency valuation and consistent risk monitoring across the banking sector.
INSTRUCTION No. 05-CR/04 of July 28, 2004 on the Declaration of Banking Risks
As of the risk declaration for end-August 2004, each credit institution must communicate in the annex to monthly declarations the local currency equivalent of foreign currency credit exposures, broken down by file, by term, and by beneficiary.
It is recalled that foreign currency credit exposures must be evaluated at the exchange rate in effect on the statement date of the declaration.
THE GOVERNOR, Gaston RAVELOJAONA.