Regulatory Alerts2009-09-22
Instruction No. 001-DSP/09 of September 22, 2009 on the Operation of the Automated Clearing and Settlement System
The Central Bank of Madagascar issued Instruction No. 001-DSP/09 to establish the operational framework for its Automated Clearing and Settlement System, mandating that all interbank operations moving at least one current account must utilize this system. The instruction defines the dual sub-systems—automated payment order clearing (Télécompensation) and Real-Time Gross Settlement (RTGS)—and outlines participant statuses, admission criteria, suspension and exclusion procedures, fee structures, settlement deadlines, and self-protection mechanisms. It further assigns specific technical and financial responsibilities to both the Central Bank and participating credit institutions to ensure continuous, secure interbank operations denominated in Ariary.