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.
INSTRUCTION No. 002-CR/04 of April 21, 2004 on the Mandatory Reserves System
The Central Bank has decided the following modifications regarding the coefficients for mandatory reserves. The coefficient to be applied on "demand deposits and similar" is increased from 12% to 15%, while that for "term and savings deposits" is maintained at 0%. This instruction applies to reserves to be established as of April 15, 2004. THE GOVERNOR, Gaston RAVELOJAONA.