Regulatory Alerts2019-11-26
Decree No. 2019-2135 of November 26, 2019, setting the conditions for the withdrawal and exchange of certain types of banknotes issued by Banky Foiben'i Madagasikara
The Prime Minister of Madagascar, acting on the proposal of the Minister of Economy and Finances, issued Decree No. 2019-2135 to discontinue the legal tender status of specific banknotes (100, 200, 500, 1,000, 2,000, and 5,000 Ariary) issued by Banky Foiben'i Madagasikara. The decree mandates that these notes be exchanged for legally tendered banknotes of equivalent face value at BFM, commercial banks, and designated Public Treasury offices from January 2 to December 31, 2020. It establishes a maximum cash exchange limit of 5,000,000 Ariary per transaction, requires valid identification for cash exchanges, and mandates bank account deposits for amounts exceeding this threshold, with post-2020 exchanges restricted to BFM counters until June 30, 2021.