Regulatory Alerts2006-12-13
Instruction No. 044/06-GV/OF of December 13, 2006 on the Reorganization of Clearing House Operations
The Governor of the Central Bank of Madagascar issued Instruction No. 044/06-GV/OF to reorganize the operational framework of clearing houses across thirteen designated localities. The directive mandates primary banks and financial institutions to formally adhere, appoint representatives, and comply with standardized session schedules, presentation protocols, settlement procedures, and rejection timelines for checks and financial instruments. By repealing prior regulations and establishing clear rules for membership, presidency, transaction processing, and instrument eligibility, the instruction ensures unified clearing operations nationwide effective January 18, 2007.
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