Regulatory Alerts2006-08-02
Law No. 2006-008 on the Foreign Exchange Code
Issued by the President of Madagascar on August 2, 2006, Law No. 2006-008 establishes a comprehensive Foreign Exchange Code that liberalizes financial relations between residents and non-residents while defining key terms, approved intermediaries, and capital transactions. The legislation mandates the repatriation of export revenues, empowers the Ministry of Finance and customs authorities to conduct inspections and seize assets for illicit exchange, and introduces a structured framework for penalties, settlements, and professional sanctions. By repealing prior restrictive ordinances and aligning with IMF Article VIII obligations, the law creates a unified regulatory environment that facilitates foreign trade, investment, and integration into the global economy.