Regulatory Alerts2009-01-12
Decree No. 2009-048 of January 12, 2009, Establishing the Implementation Modalities of Law No. 2006-008 of August 2, 2006, on the Foreign Exchange Code
The Prime Minister of Madagascar, acting on the proposal of the Minister of Finance and Budget, issued Decree No. 2009-048 to establish the implementation rules for the Foreign Exchange Code of 2006. The decree mandates that all current account payments between residents and non-residents be processed through approved intermediaries, while capital transactions remain free but subject to declaration or prior ministerial authorization. It further regulates foreign currency accounts, establishes the floating exchange rate system managed by the Central Bank of Madagascar, and repeals prior conflicting regulations to streamline foreign investment and currency operations.
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