RegAlert
2019-10-25

Added · Updated

Instruction No. 009-DOM/19 on the Mandatory Reserves System

The Central Bank of Madagascar issued Instruction No. 009-DOM/19 to operationalize the mandatory reserves framework by requiring credit institutions to submit reserve declarations to the bank no later than the 10th of each month. The directive mandates that reserves be calculated on month-end (m-1) bases and held for the subsequent month (m), with daily monitoring provisionally based on prior month requirements until declarations are received. It permanently maintains the mandatory reserve coefficient at 13.0%, enters into force on 1 November 2019, and repeals all conflicting prior provisions.

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CENTRAL BANK OF MADAGASCAR

DIRECTORATE OF MONETARY OPERATIONS

INSTRUCTION NO. 009-DOM/19 on the Mandatory Reserves System

The Governor of the Central Bank of Madagascar,

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. 2014-1684 of 29 October 2014 appointing the Governor of the Central Bank of Madagascar,

Having regard to Instruction No. 008-DOM/19 of 25 October 2019 on the general framework governing mandatory reserves,

HEREBY DECIDES

Article 1: Pursuant to Article 6 of Instruction No. 008-DOM/19 of 25 October 2019 on the general framework governing mandatory reserves, credit institutions subject to the requirement to hold mandatory reserves shall submit the related declaration to the BFM no later than the 10th day of the month.

Article 2: In application of Article 7 of the instruction cited in Article 1 above, mandatory reserves shall be calculated based on the calculation bases finalized at the end of the month (m - 1) and shall be held for a period of one month from the 1st to the last business day of month m.

Article 3: Until receipt of the declaration referred to in Article 1, due on the 10th of the month, the daily monitoring of the credit institution's position shall be carried out provisionally based on the required reserves of the previous month. This position shall be adjusted upon receipt of the declaration.

Article 4: With reference to Article 7 of the instruction cited in Article 1 of this document, the mandatory reserve coefficient is maintained at 13.0%.

Article 5: Entry into Force
This instruction shall enter into force as of 1 November 2019.

Article 6: Final Provisions
All prior provisions contrary to this instruction are hereby repealed and shall remain repealed.

Antananarivo, 25 OCT 2019

(Signature)
THE GOVERNOR
ALAIN H. RASOLOFONDRAIBE

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

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Lineage: Amended

Decree No. 2014-1684 of October…2014Decree No. 2014-1684 of October 29, 2014 Appointing the Governor of the Central Bank of Madagascar (2014-10-29)Law No. 2016-004 of July 29, 20…2016Law No. 2016-004 of July 29, 2016, as amended by Law No. 2016-057 of February 2, 2017, establishing the Statutes of the Central Bank of Madagascar (2016-07-29)Loi n° 2016-057 du 2 février 20…2017Loi n° 2016-057 du 2 février 2017 complétant la loi n° 2016-004 du 29 juillet 2016 portant statuts de la Banque Centrale de Madagascar (Law No. 2016-057 supplementing the law on the Statutes of the Central Bank of Madagascar) (2017-02-02)Instruction No. 008-DOM/19 on t…2019Instruction No. 008-DOM/19 on the General Framework Governing Mandatory Reserves (2019-10-25)Instruction No. 009-DOM/19 onthe Mandatory Reserves System2019-10-25 · this documentInstruction No. 009-DOM/19 on the Mandatory Reserves System (2019-10-25)Instruction No. 001-DOM/20 on S…2020Instruction No. 001-DOM/20 on Specific Provisions Applicable to Banks Regarding the Mandatory Reserve System (2020-04-16)Instruction No. 007-DOM/20 of N…2020Instruction No. 007-DOM/20 of November 4, 2020 Amending Certain Provisions of Instruction No. 009-DOM/19 of October 25, 2019 on the Mandatory Reserve System (2020-11-04)Instruction No. 009-DOM/20 of N…2020Instruction No. 009-DOM/20 of November 25, 2020, amending certain provisions of Instruction No. 009-DOM/19 of October 25, 2019, relating to the mandatory reserve system (2020-11-25)Instruction No. 010-DOM/20 of 1…2021Instruction No. 010-DOM/20 of 14 December 2020 repealing the provisions of Instruction No. 001-DOM/20 of 10 April 2020 on special provisions applicable to banks concerning the mandatory reserve system (2021-01-07)Instruction No. 004-DOM/21 amen…2021Instruction No. 004-DOM/21 amending certain provisions of Instruction No. 009-DOM/19 of October 25, 2019 on the mandatory reserve system and repealing Instruction No. 007-DOM/20 of November 4, 2020 (2021-11-02)Instruction No. 002-DOM/23 of A…2023Instruction No. 002-DOM/23 of April 26, 2023 amending certain provisions of Instruction No. 009-DOM/19 of October 25, 2019 on the mandatory reserve system and repealing Instruction No. 004-DOM/21 of November 2, 2021 (2023-04-26)Instruction No. 001-DOM/24 amen…2024Instruction No. 001-DOM/24 amending certain provisions of Instruction No. 009-DOM/19 of October 25, 2019 on the mandatory reserve system and repealing Instruction No. 002-DOM/23 of April 26, 2023 (2024-02-07)Instruction No. 005-DOM/24 of N…2024Instruction No. 005-DOM/24 of November 4, 2024, amending certain provisions of Instruction No. 009-DOM/19 of October 25, 2019, on the mandatory reserve system and repealing Instruction No. 001-DOM/24 of January 29, 2024 (2024-11-05)
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Amended 7 times · last 2024-11-05

Source: Banky Foiben'i Madagasikara — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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