Regulatory Alerts2004-06-02
INSTRUCTION No. 003-CR/04 of June 2, 2004 on the Central Bank's Policy Rate
The Central Bank, under Governor Gaston Ravelojaona, has increased its policy rate from 9.5 percent to 12.0 percent effective June 2, 2004. This adjustment is formalized through Instruction No. 003-CR/04, which mandates the updated benchmark for all monetary operations. The directive raises the cost of central bank funding to align liquidity conditions with current economic targets.
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