Instruction No. 006-DPM/25 on Deposit Facilities

BANKY FOIBEN'I MADAGASCAR

DIRECTION OF THE IMPLEMENTATION OF MONETARY POLICY

INSTRUCTION NO. 006-DPM/25 on Deposit Facilities

The Governor of Banky Foiben'i Madagasikara,

Having regard to Law No. 2016-004 of July 29, 2016, supplemented by Law No. 2016-057 of February 2, 2017 on 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. 2023-011 of January 10, 2023 repealing the provisions of Decree No. 2019-2069 of November 6, 2019 and appointing the Governor of Banky Foiben'i Madagasikara,

Having regard to Instruction No. 004-DOM/19 of May 3, 2019 establishing the Exchange Platform for Monetary and Interbank Operations,

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

Having regard to Instruction No. 002-DOM/24 amending certain provisions of Instruction No. 004-DOM/19 of May 3, 2019 establishing the Exchange Platform for Monetary and Interbank Operations,

Having regard to Instruction No. 003-DOM/25 of April 28, 2025 on the policy rate of Banky Foiben'i Madagasikara and the interest rate corridor system, whose certain provisions were amended by Instruction No. 005-DOM/25 of May 6, 2025.

HAS DECIDED AS FOLLOWS:

Article 1: This instruction aims to define the implementation procedures for deposit facility placements (FDD) made by credit institutions with Banky Foiben'i Madagasikara.

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Article 2: FDDs consist, for eligible participants in the money market, of placing their liquidity with BFM, not exceeding the ceiling established according to the procedures set out in Articles 10, 11 and 12 below.

Article 3: The FDD rate is subject to a quarterly review by BFM. The rate is announced on the Exchange Platform for Monetary and Interbank Operations (POMI) or any other financial infrastructure used by BFM to manage the money market.

Article 4: FDDs have a maturity of one (1) day.

Article 5: Eligible participants in the money market may, at their own initiative, make FDDs with value date of the same day.

Article 6: FDD placements are renewable at the discretion of eligible participants, provided they do not exceed two (2) consecutive days.

Article 7: FDD operations are executed using daily call auction procedures. Offers with the lowest rates are selected following an adjudication mechanism.

Article 8: The FDD rate, communicated by BFM via instruction within the interest rate corridor system, constitutes the ceiling rate for adjudication.

Article 9: The result of the adjudication leads to distinct FDD rates for each selected offer.

Article 10: The amount that credit institutions are authorized to place in FDDs is limited by a daily ceiling fixed by BFM.

Article 11: In case the ceiling amount is not reached, the remainder is not cumulative to the next day's ceiling amount.

Article 12: The ceiling amount is subject to a quarterly review by BFM and communicated to credit institutions once available. The ceiling amount is announced on POMI or any other financial infrastructure used by BFM to manage the money market.

Article 13: Eligible participants interested in this operation must submit their application to BFM by any written traceable method, following the model in the annex before the FDD counter closes according to the procedure cited in Article 14.

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Article 14: The FDD counter is open from 8:00 a.m. to 3:00 p.m., except in exceptional situations and during money market closure days.

Article 15: BFM notifies its decision by any written traceable method on the same day and effects the posting of entries.

Article 16: At maturity, the amounts plus interest are credited to the beneficiary's account.

Article 17: The annex forms an integral part of this instruction.

Article 18: All prior provisions relating to FDDs are hereby repealed.

Article 19: This instruction enters into force as of October 8, 2025.

Antananarivo, October 2, 2025

The Governor Aivo H. ANDRIANARIVELO

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ANNEX

APPLICATION FOR ACCESS TO THE DEPOSIT FACILITY

Bank Name: Placement on ______________________

PLACE FUNDS WITH BFM

Amount (in Ar)	Placement Date	Maturity Date	Proposed Rate (with two decimals)
In figures	In words	Placement date	Maturity date

At ____________________, on ____________________

(Signature and seal of the bank)