Regulatory Alerts2019-10-25
Instruction No. 009-DOM/19 on the Mandatory Reserves System
The Central Bank of Madagascar issued Instruction No. 009-DOM/19 to operationalize the mandatory reserves framework by requiring credit institutions to submit reserve declarations to the bank no later than the 10th of each month. The directive mandates that reserves be calculated on month-end (m-1) bases and held for the subsequent month (m), with daily monitoring provisionally based on prior month requirements until declarations are received. It permanently maintains the mandatory reserve coefficient at 13.0%, enters into force on 1 November 2019, and repeals all conflicting prior provisions.
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