Regulatory Alerts2019-12-12
Instruction No. 001-GV-DSM/2019 on the Cessation of Payments with 2003-2004 Series Banknotes and New Distribution at BFM Counters
The Central Bank of Madagascar (Banky Foiben'i Madagasikara) issued Instruction No. 001-GV-DSM/2019 mandating the immediate cessation of payments using 2003/2004 series banknotes at commercial bank counters. The directive establishes a new mandatory distribution ratio for all counter withdrawals and ATM dispensing, prioritizing 2017 series notes across all denominations to improve currency quality and circulation. Commercial banks must strictly adhere to these new allocation percentages effective March 25, 2019, and report any supply constraints directly to the Currency Management Department.
Share