Regulatory Alerts1994-06-10
Law No. 94-004 of June 10, 1994 Establishing the Statutes of the Central Bank of Madagascar (Official Journal No. 2248, June 10, 1994), as Amended by Laws No. 95-030 (February 22, 1996), 2005-036 (February 20, 2006), and No. 2003-004 (July 7, 2003)
The Malagasy Parliament enacted Law No. 94-004 of June 10, 1994 to establish the Central Bank of Madagascar as an independent public institution with legal and financial autonomy. The legislation grants the Central Bank exclusive issuance privileges, monetary policy authority, and comprehensive operational powers over gold, foreign exchange, state financing, and banking sector liquidity. It mandates strict limits on state advances (capped at 15–20% of ordinary revenues), establishes credit regulation frameworks, and defines the bank’s governance structure including the Governor, General Director, Board of Directors, and auditors.
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