Regulatory Alerts1998-10-21
Decree No. 98-896 of October 21, 1998 Amending and Supplementing Certain Provisions of Decree No. 97-656 of May 7, 1997 on Treasury Bond Subscription by Auction
The Prime Minister of Madagascar issued Decree No. 98-896 to amend and supplement Decree No. 97-656 regarding Treasury bond subscriptions by auction. The decree designates approved market intermediaries and the Central Bank as primary operators, establishing a two-phase competitive and non-competitive bidding process with pre-deducted interest. It mandates quarterly publication of indicative issuance schedules, defines the Central Bank's settlement and reporting duties, and requires a formal agreement between the Treasury and the Central Bank to govern intermediary obligations and service commissions.
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