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.
DECREE NO. 2004-320 OF MARCH 9, 2004 amending certain provisions of Article 5 of Decree No. 2003-781 of July 8, 2003 regarding the issuance of new types of banknotes in denominations of 10,000 Ariary, 5,000 Ariary and 2,000 Ariary by the Central Bank of Madagascar. (Official Journal No. 2898 of April 12, 2004, p. 1619)
Article 1. - The provisions of Article 5 of Decree No. 2003-781 of July 8, 2003 are amended as follows: Art. 5 (new): « The Iraimbilanja is the fractional currency of the Ariary and equals one fifth (1/5) of an Ariary or 0.20 Ariary in its bookkeeping form. Any amount denominated in Ariary is expressed, where necessary, with two decimal places. At the time of settlements in banknotes and coins, decimals are converted into multiples of Iraimbilanja.
Article 2. The Governor of the Central Bank of Madagascar establishes by regulatory instruction the technical implementation modalities of this decree.
Article 3. The Minister of Economy, Finance and Budget, and the Governor of the Central Bank of Madagascar are each responsible, within their respective areas of competence, for the execution of this decree, which shall be registered and published in the Official Journal of the Republic of Madagascar.