Regulatory Alerts2019-05-03
Instruction No. 001-DOM/19 amending and supplementing certain provisions of Instruction No. 005-DOM/17 of 19 December 2017 on the implementation of monetary policy instruments of Banky Foiben'i Madagasikara
The Governor of Banky Foiben'i Madagasikara issued Instruction No. 001-DOM/19 to amend and supplement specific provisions of the December 2017 monetary policy implementation framework. The revision formally introduces a deposit facility alongside the existing marginal lending facility, establishes same-day value durations for both standing facilities, and clarifies that BFM sets their respective rates via instruction. Additionally, the amendment redefines BFM's key interest rates as a one-year ceiling and a one-day floor, mandates periodic economic reviews of these rates and reserve coefficients, and updates procedural annexes for fixed-rate operations and collateral submissions.
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