Instruction No. 004-DOM/20 amending certain provisions of Instruction No. 003-DOM/20 on an exceptional refinancing instrument to support MSME activities

CENTRAL BANK OF MADAGASCAR

DIRECTORATE OF MONETARY OPERATIONS

INSTRUCTION NO. 004-DOM/20 amending certain provisions of Instruction No. 003-DOM/20 of 28 May 2020 annuling and replacing the provisions of Instruction No. 002-DOM/20 of 10 April 2020 on the establishment of an exceptional refinancing instrument to support the activities of MSMEs

The Governor of the Central Bank of Madagascar,

Having regard to Law No. 95-030 of 22 February 1996 on the activity and supervision of credit institutions, as amended,

Having regard to Law No. 2017-026 of 8 February 2018 on Microfinance,

Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017 establishing the Statutes of the Central Bank of Madagascar,

Having regard to Decree No. 2019-2069 of 6 November 2019 repealing the provisions of Decree No. 2014-1684 of 29 October 2014 on the appointment of the Governor of the Central Bank of Madagascar and on the appointment of the Central Bank of Madagascar,

Having regard to Instruction No. 006-DOM/19 of 25 October 2019 on money market instruments,

Having regard to Instruction No. 003-DOM/20 of 28 May 2020 annuling and replacing the provisions of Instruction No. 002-DOM/20 of 10 April 2020 on the establishment of an exceptional refinancing instrument to support the activities of MSMEs,

HEREBY DECIDES

Article 1:

This Instruction aims to amend the provisions of Article 3, paragraph 2 of Instruction No. 003-DOM/20 of 28 May 2020 annuling and replacing the provisions of Instruction No. 002-DOM/20 of 10 April 2020 on the establishment of an exceptional refinancing instrument to support the activities of MSMEs.

Article 2:

The provisions of Article 3, paragraph 2 of Instruction No. 003-DOM/20 of 28 May 2020 annuling and replacing the provisions of Instruction No. 002-DOM/20 of 10 April 2020 on the establishment of an exceptional refinancing instrument to support the activities of MSMEs are amended as follows:

« Article 3, paragraph 2 (new): For the purposes of this Instruction, all MFIs approved by the Banking and Financial Supervision Commission are included among the beneficiaries of this financial support from the BFM. Eligible enterprises, other than these MFIs, are those with an annual turnover of less than or equal to five billion Ariary (5,000,000,000 Ariary) at the time of publication of their latest financial statements. »

Article 3:

This Instruction shall enter into force as of the date of its signature.

Antananarivo, 16 JUL 2020

THE FIRST VICE GOVERNOR
J. Théodore RAKOTONDRAMANGA

P.O. Box 550 Antananarivo (101) - Madagascar ■ Tel. (261) 20 22 217 51 / 20 22 234 65 ■ Fax (261) 20 22 345 32 E-mail: banque-centrale@bfm.mg ■ Website: www.banque-centrale.mg