Regulatory Alerts1999-02-23
Instruction No. 001/99-CSBF amending Instruction No. 001/98-CSBF of September 23, 1998 on the foreign exchange positions of credit institutions
The Banking and Financial Supervision Commission (CSBF) of Madagascar amends Article 3 of its September 1998 foreign exchange instruction to redefine the cumulative, net, long, and short positions for credit institutions, specifically detailing the calculation methodology for "EURO" system currencies using fixed parities. The revised framework mandates that declaring entities submit their foreign exchange position reports in strict accordance with the attached annex, ensuring accurate offsetting of long and short positions across all relevant currencies. These updated provisions take effect on March 1, 1999, while preserving all non-contrary existing regulatory requirements.
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