Regulatory Alerts2012-11-05
Ordinance No. 2012-005 amending certain provisions of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar
Issued by the President of the Transition, this Ordinance amends Article 91 of Madagascar’s 1994 Central Bank Law to restructure the Board of Directors until the Fourth Republic is fully established. It mandates an eight-member composition comprising the Governor and six administrators nominated by the Transition President, Government, Congress, and Higher Council, all of whom must be Malagasy resident nationals with relevant expertise. The Ordinance establishes strict eligibility and removal criteria, mandates replacement appointments within one month of any vacancy, and takes immediate effect upon publication.
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