Regulatory Alerts2004-03-09
Decree No. 2004-320 of March 9, 2004 amending Article 5 of Decree No. 2003-781 regarding the issuance of new 10,000, 5,000 and 2,000 Ariary banknotes by the Central Bank of Madagascar
The Central Bank of Madagascar, via Decree No. 2004-320 dated March 9, 2004, amends Article 5 of Decree No. 2003-781 to establish the Iraimbilanja as the Ariary’s fractional currency, fixed at one-fifth (0.20) Ariary for bookkeeping and cash settlements. The revised provision requires all Ariary-denominated amounts to be expressed with two decimal places, which are converted into Iraimbilanja multiples during banknote and coin transactions. The Governor of the Central Bank is empowered to issue technical implementation regulations, while the Minister of Economy, Finance and Budget jointly oversees the decree's registration and official publication.
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