Regulatory Alerts2021-05-14
Instruction No. 001-DOM-2021 amending certain provisions of Instruction No. 007-DOM-19 of 25 October 2019 on the interest rate corridor system
The Central Bank of Madagascar issued Instruction No. 001-DOM-2021 to amend Article 5 of its October 2019 interest rate corridor framework. The amendment establishes new standing facility rates, setting the deposit facility rate at 1.76% and the marginal lending facility rate at 6.16%. This directive takes effect immediately upon signature to adjust the central bank's monetary policy operational parameters.
[LOGO]
BANKY FOIBEN'I MADAGASIKARA
DEPARTMENT OF MONETARY OPERATIONS
INSTRUCTION NO. 001-DOM/2021 amending certain provisions of Instruction No. 007-DOM/19 of 25 October 2019 on the interest rate corridor system
The Governor of the Central Bank of Madagascar,
Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017 establishing the Statutes of the Central Bank of Madagascar,
Having regard to Law No. 2020-011 of 1 September 2020 on banking law,
Having regard to Decree No. 2019-2069 of 6 November 2019 repealing the provisions of Decree No. 2014-1684 of 29 October 2014 on the appointment of the Governor of the Central Bank of Madagascar and appointing the Governor of the Central Bank of Madagascar,
Having regard to Instruction No. 006-DOM/19 of 25 October 2019 on money market instruments,
Having regard to Instruction No. 007-DOM/19 of 25 October 2019 on the interest rate corridor system,
HEREBY DECIDES
Article 1:
This Instruction aims to amend the provisions of Article 5 of Instruction No. 007-DOM/19 of 25 October 2019 on the interest rate corridor system.
Article 2:
The provisions of Article 5 of Instruction No. 007-DOM/19 of 25 October 2019 on the interest rate corridor system are amended as follows:
« Article 5 (new): The rates for standing facilities are set as follows
- Deposit facility rate: 1.76%
- Marginal lending facility rate: 6.16% ».
Article 3:
This Instruction shall enter into force as of the date of its signature.
Antananarivo, 07 MAY 2021
[OFFICIAL SEAL AND SIGNATURE]
THE GOVERNOR HENRI EDMOND RABARIJOHN