Instruction No. 001/99-CSBF amending Instruction No. 001/98-CSBF of September 23, 1998 on the foreign exchange positions of credit institutions

INSTRUCTION NO. 001/99-CSBF amending Instruction No. 001/98-CSBF of September 23, 1998 on the foreign exchange positions of credit institutions

The Banking and Financial Supervision Commission (CSBF) of the Republic of MADAGASCAR, Having regard to Law No. 95-030 of February 22, 1996 on the activity and supervision of credit institutions, Having regard to Instruction No. 001/98-CSBF of September 23, 1998 on the foreign exchange positions of credit institutions, Considering the provisions of Instruction No. 035/GV/SE of December 18, 1998 on the Interbank Foreign Exchange Market, H E R E B Y D E C I D E S

Article 1. - Article 3 of Instruction No. 001/98-CSBF of September 23,
1998 on the foreign exchange positions of credit institutions is amended as follows:

"The cumulative amount of foreign exchange positions is equal to the sum of long and short positions in the various currencies. The net foreign exchange position for "EURO" system currencies is determined by offsetting long and short positions in the various system currencies ( "IN" and "EURO" currencies), after converting into "EURO" the foreign exchange positions in each "IN" currency according to the fixed parity established for that currency. For the purposes of this Instruction, a foreign exchange position is classified as long when adjusted assets in currencies to be received exceed adjusted liabilities in currencies to be delivered; it is classified as short otherwise."

Article 2. - The declarations provided for in Article 6 of the Instruction referred to in
Article 1 are made in accordance with the annex to this
Instruction.

Article 3. - The provisions of Instruction No. 001/98-CSBF of September 23,
1998 not contrary hereto remain unchanged. This Instruction enters into force as of March 1, 1999.

Done at Antananarivo, on February 23, 1999.

For the Banking and Financial Supervision Commission, The President, GASTON RAVELOJAONA.

COMMISSION OF
BANKING AND
FINANCIAL SUPERVISION

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FOREIGN EXCHANGE POSITION
Month of: ______________
Day of: ______________
Declaring Entity: _________________________

CURRENCIES | ASSETS (1) | LIABILITIES (2) | PURCHASED NOT YET RECEIVED (3) | SOLD NOT YET DELIVERED (4) | TO BE RECEIVED AT MATURITY (5) | TO BE DELIVERED AT MATURITY (6) | LONG POSITION | SHORT POSITION EURO * | ATS | BEF | DEM | ESP | FIM | FRF | IEP | ITL | LUF | NLG | PTE TOTAL LONG FOREIGN EXCHANGE POSITIONS ON EURO SYSTEM CURRENCIES ....... | a = TOTAL SHORT FOREIGN EXCHANGE POSITIONS ON EURO SYSTEM CURRENCIES ...... | b = NET FOREIGN EXCHANGE POSITION (long or short) .................................................................... | = (a-b) if a>b | = (b-a) if a<b EURO

USD | GBP | CHF | JPY | CAD | DKK | NOK | SEK | DJF | SDR | MUR | ZAR ... TOTAL FOREIGN EXCHANGE POSITIONS ALL CURRENCIES ........................................................ | A = B =

• : foreign exchange position on the "EURO" currency
  : net foreign exchange position in the currencies of the "EURO" system

AVAILABLE OWN FUNDS (FPD)
= ............................
(according to the most recent declaration)

A + B
_____ x 100 =
............................. %
FPD
Antananarivo, on .............................................
[accredited signature(s) and seal]