Regulatory Alerts2018-09-28
Instruction No. 002-DOM/2018 Amending Certain Provisions of Instruction No. 005-DOM/2017 of December 19, 2017 on the Implementation of Monetary Policy Instruments by Banky Foiben'i Madagasikara
The Governor of Banky Foiben'i Madagasikara issued Instruction No. 002-DOM/2018 to amend Article 10.3 and Annex VI of the December 19, 2017 monetary policy instruction regarding mandatory reserves. The revised provisions establish that the minimum reserve amount is calculated based on specific assets and liabilities of credit institutions, denominated in Ariary and foreign currencies for both residents and non-residents, as reflected in their monthly statements or cumulative balances with the central bank. This directive defines the exact deposit categories constituting the reserve base and mandates compliance effective October 1, 2018.
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