Regulatory Alerts2004-03-12
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Instruction No. 001-GV/OF-2004 of March 12, 2004 on Technical Modalities for the Transition to the Ariary
The Governor of the Central Bank of Madagascar issued Instruction No. 001-GV/OF-2004 to establish the technical modalities for transitioning to the Ariary currency. The directive mandates that all book transactions express amounts with two decimal places, while cash settlements convert fractional decimals into Iraimbilanja multiples based on a defined rounding threshold. It further standardizes the ISO and domestic currency codes, prescribes exact written formatting for invoices and cheques, and provides a computational formula for automated financial processing.
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