Regulatory Alerts2009-01-12
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Decree No. 2009-048 of January 12, 2009, Establishing the Implementation Modalities of Law No. 2006-008 of August 2, 2006, on the Foreign Exchange Code
This decree establishes the implementation rules for Madagascar's Foreign Exchange Code, mandating that current account payments be conducted exclusively through approved intermediaries while capital transactions require prior authorization or declaration with the Ministry of Finance. It grants residents and non-residents permission to open foreign currency accounts at local primary banks, subject to specific deposit and transfer restrictions, particularly limiting inter-resident transfers to designated zones or international entities. The Central Bank of Madagascar is designated as the supervisory authority for the continuous foreign exchange market, which operates under a floating exchange rate regime determined by market forces.
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