Regulatory Alerts1997-05-07
Decree No. 97-656 of May 7, 1997 Fixing the Subscription Conditions for Treasury Bills by Auction
The Malagasy Prime Minister, through the Vice-Prime Minister for Finance and Economy, issued Decree No. 97-656 to establish the subscription framework for short- and medium-term national currency Treasury bills via auction. The decree reserves primary market access to approved intermediaries and eligible direct subscribers while opening the secondary market to all economic agents, with the Central Bank designated as the central clearing and settlement entity. It mandates a pre-deducted interest structure based on competitive bidding, requires quarterly issuance calendars, and explicitly repeals all prior provisions under Decree No. 93-218.
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