Instruction No. 005-DOM/25 of May 6, 2025 Amending Certain Provisions of Instruction No. 003-DOM/25 on the BFM Policy Rate and Interest Rate Corridor System

BANKY FOIBEN'I MADAGASIKARA

DIRECTORATE OF MONETARY OPERATIONS

INSTRUCTION NO. 005-DOM/25 amending certain provisions of Instruction No. 003-DOM/25 of April 28, 2025 on the policy rate of Banky Foiben'i Madagasikara and the interest rate corridor system

The Governor of Banky Foiben'i Madagasikara,

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

Having regard to Law No. 2020-011 of September 1, 2020 on banking law,

Having regard to Decree No. 2023-011 of January 10, 2023 repealing the provisions of Decree No. 2019-2069 of November 6, 2019 and appointing the Governor of Banky Foiben'i Madagasikara,

Having regard to Instruction No. 006-DOM/19 of October 25, 2019 on money market instruments, amended and supplemented by Instruction No. 003-DOM/24 of February 2, 2024, the provisions of which were amended by Instruction No. 004-DOM/25 of April 28, 2025,

Having regard to Instruction No. 003-DOM/25 of April 28, 2025 on the policy rate of Banky Foiben'i Madagasikara and the interest rate corridor system.

DECIDES

Article 1:

This Instruction aims to amend the provisions of Article 6 of Instruction No. 003-DOM/25 of April 28, 2025 on the policy rate of Banky Foiben'i Madagasikara and the interest rate corridor system.

Article 2:

The provisions of Article 6 of Instruction No. 003-DOM/25 of April 28, 2025 on the policy rate of Banky Foiben'i Madagasikara and the interest rate corridor system are amended as follows:

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Article 6 (new): The level of the policy rate and permanent facility rates are set as follows:

• Policy rate: 12.00%
• Deposit facility rate: 11.00%
• Marginal lending facility rate: 13.00%.

Article 3:

All provisions contrary to this Instruction are hereby repealed.

Article 4:

This Instruction shall enter into force as of May 7, 2025.

Antananarivo, on MAY 6, 2025

[Signature and seal]

THE GOVERNOR
Aivo H. ANDRIANARIVELO

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