Regulatory Alerts2016-04-28
Instruction No. 001-DSP/2016 of April 28, 2016 on the Closure of Manual Clearing Rooms Outside Antananarivo and Establishing the Operating Procedures for the Manual Clearing Room in Antananarivo
The Governor of the Central Bank of Madagascar issued Instruction No. 001/DSP/16 to permanently close all manual clearing rooms outside Antananarivo while establishing the operational framework for the remaining facility in Antananarino. The directive mandates that primary banks and financial institutions with Central Bank accounts may join as members, subject to compliance with prescribed procedures, representation rules, and a two-day rejection window for unscannable checks and negotiable instruments. Effective July 1, 2016, the Instruction supersedes prior conflicting regulations and centralizes daily clearing operations at 10:00 a.m. under the supervision of a Governor-appointed Chairman who holds authority to enforce compliance and manage session disruptions.