Regulatory Alerts2004-04-21
INSTRUCTION No. 002-CR/04 of April 21, 2004 on the Mandatory Reserves System
The Central Bank, under Governor Gaston Ravelojaona, has issued Instruction No. 002-CR/04 to modify the mandatory reserves coefficients for financial institutions. The regulation increases the reserve coefficient applied to demand deposits and similar accounts from 12% to 15%, while maintaining the coefficient for term and savings deposits at 0%. These updated coefficients apply to all reserves that must be established starting April 15, 2004.
Share