Regulatory Alerts2022-06-16
Instruction No. 001-22-DSP of June 16, 2022 on the Operation of the Automated Clearing and Settlement System
Issued by the Governor of Banky Foiben’i Madagasikara, this instruction establishes the operational framework, participant requirements, and fee structures for the country's Automated Clearing and Settlement System, which comprises the Teleclearing and Real Time Gross Settlement (RTGS) subsystems. It mandates that all interbank transactions moving central bank accounts be processed exclusively in Ariary through these systems, defining direct, indirect, and sub-participant statuses alongside strict technical, financial, and reporting obligations. The regulation further details settlement timelines, net balance calculations, self-protection mechanisms against default, and conditions for suspension or exclusion to ensure systemic stability and continuous interbank liquidity.