Regulatory Alerts2006-04-25
Decree No. 2006-285 amending certain provisions of Decree No. 98/896 of October 21, 1998 and Decree No. 97-656 of May 7, 1997, setting the conditions for subscribing to Treasury Bills by way of Auction
The Prime Minister of Madagascar, acting on the proposal of the Minister of Economy, Finance and Budget, issued Decree No. 2006-285 to amend Article 5 of existing treasury regulations governing the subscription of Treasury Bills via auction. The revised provisions establish a two-phase bidding process where competitive bids are allocated in ascending order of proposed rates (subject to a limit rate and pro rata marginal allocation) while non-competitive bids are assigned at the first-phase weighted average rate based on Treasury needs. The decree mandates joint execution by the Prime Minister, the relevant minister, and the Central Bank of Madagascar to ensure proper implementation and official registration.
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