Regulatory Alerts2010-08-18
Instruction No. 001-DCF/10 of August 18, 2010 on the Improvement of Banknote Circulation
The Central Bank, through Governor Frédéric Rasamoely, issued Instruction No. 001-DCF/10 to standardize and maintain the quality and quantity of banknote circulation. The directive mandates Primary Banks, alongside the Central Bank, to ensure comprehensive distribution of all legally tender denominations across transactions. Furthermore, it requires banks operating automated teller machines to initially dispense 2,000 Ariary notes starting October 1, 2010, with additional denominations to be incorporated via future directives.
INSTRUCTION NO. 001-DCF/10 OF AUGUST 18, 2010 ON THE IMPROVEMENT OF BANKNOTE CIRCULATION
In the context of standardizing and permanently maintaining banknote circulation in terms of both quality and quantity, and to better meet public demand, Primary Banks – on equal footing with the Central Bank – as privileged actors in distributing monetary instruments across the territory, must ensure improved distribution of all denominations without distinction among our ranges of banknotes and coins having legal tender in all forms of transaction.
To this end, all banks offering automated teller machine (ATM) services are requested to take necessary measures to initially include the 2,000 Ariary denomination among the banknotes available through this service, effective October 1, 2010.
The integration of other denominations will be subject to a subsequent instruction.
Antananarivo, August 18, 2010 The Governor, Frédéric RASAMOELY.