Instruction No. 004-DOM/22 repealing Instruction No. 003-DOM/22 of August 2, 2022, and amending certain provisions of Instruction No. 007-DOM/19 of October 25, 2019 regarding the interest rate corridor system

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CENTRAL BANK OF MADAGASCAR

DIRECTORATE OF MONETARY OPERATIONS

INSTRUCTION NO. 004-DOM/22 repealing Instruction No. 003-DOM/22 of August 2, 2022 and amending certain provisions of Instruction No. 007-DOM/19 of October 25, 2019 regarding the interest rate corridor system

The Governor of the Central Bank of Madagascar,

Having regard to Law No. 2016-004 of July 29, 2016, supplemented by Law No. 2016-057 of February 2, 2017, establishing the Statutes of the Central Bank of Madagascar,

Having regard to Law No. 2020-011 of September 1, 2020 on banking law,

Having regard to Decree No. 2019-2069 of November 6, 2019, repealing the provisions of Decree No. 2014-1684 of October 29, 2014 on the appointment of the Governor of the Central Bank of Madagascar and appointing the Governor of the Central Bank of Madagascar,

Having regard to Decree No. 2022-632 of May 4, 2022 on the appointment of the two (2) Deputy Governors of the Central Bank of Madagascar,

Having regard to Instruction No. 006-DOM/19 of October 25, 2019 regarding money market instruments,

Having regard to Instruction No. 007-DOM/19 of October 25, 2019 regarding the interest rate corridor system,

DECIDES

Article 1:

This Instruction aims to amend the provisions of Articles 2 and 5 of Instruction No. 007-DOM/19 of October 25, 2019 regarding the interest rate corridor system and to repeal the provisions of Instruction No. 003-DOM/22 of August 2, 2022.

Article 2:

The provisions of Articles 2 and 5 of Instruction No. 007-DOM/19 of October 25, 2019 regarding the interest rate corridor system are amended as follows:

« Article 2 (new): The width of the interest rate corridor is set at 2.00 percentage points. »

« Article 5 (new): The rates for standing facilities are set as follows:

• Deposit facility rate: 8.10%
• Marginal lending facility rate: 10.10% ».

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Article 3:

Instruction No. 003-DOM/22 of August 2, 2022, repealing Instruction No. 002-DOM/22 of May 3, 2022, and amending certain provisions of Instruction No. 007-DOM/19 of October 25, 2019 regarding the interest rate corridor system, is hereby repealed in its entirety.

Article 4:

This Instruction shall enter into force on October 19, 2022.

Antananarivo, October 18, 2022

[Seal: CENTRAL BANK OF MADAGASCAR - ANTANANARIVO]

FOR THE GOVERNOR THE FIRST DEPUTY GOVERNOR NAINA RABEARIVONY

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