Instruction 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

CENTRAL BANK OF MADAGASCAR

DIRECTORATE OF MONETARY OPERATIONS

INSTRUCTION NO. 009-DOM/20 amending certain provisions of Instruction No. 009-DOM/19 relating to the mandatory reserve system

The Governor of the Central Bank of Madagascar,

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

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 Decree No. 2019-2069 of November 6, 2019, repealing the provisions of Decree No. 2014-1684 of October 29, 2014, appointing the Governor of the Central Bank of Madagascar and appointing the Governor of the Central Bank of Madagascar,

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

Having regard to Instruction No. 009-DOM/19 of October 25, 2019, relating to the mandatory reserve system,

HEREBY DECIDES

Article 1: This Instruction aims to amend the provisions of Articles 1, 2, and 3 of Instruction No. 009-DOM/19 of October 25, 2019, relating to the mandatory reserve system.

Article 2: The provisions of Articles 1, 2, and 3 of Instruction No. 009-DOM/19 of October 25, 2019, relating to the mandatory reserve system, are amended as follows:

« Article 1 (new): In accordance with Article 6 of Instruction No. 008-DOM/19 of October 25, 2019, relating to the general framework governing mandatory reserves, credit institutions subject to the provision of mandatory reserves shall submit their related declarations to the BFM by the deadlines specified in an annual submission schedule previously communicated and published by the BFM. »

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« Article 2 (new): Pursuant to Article 7 of Instruction No. 008-DOM/19 of October 25, 2019, relating to the general framework governing mandatory reserves, mandatory reserves shall be calculated based on the bases finalized at the end of the month (m-2), in accordance with the annual submission schedule published by the BFM. »

« Article 3 (new): The annual schedule for the provision of mandatory reserves for year (n+1) shall be communicated to the Professional Association of Banks (APB) with a copy to each member and published on the BFM website on the first business day of December of the year preceding its implementation. This schedule includes the start and end dates of the period, the reference date serving as the basis for calculating the reserves to be provided, as well as the declaration deadline. »

Article 3: Entry into force

This Instruction shall enter into force on January 1, 2021.

Article 4: Final provisions

All prior provisions contrary to this Instruction are hereby repealed and remain repealed.

Antananarivo, November 25, 2020

THE GOVERNOR
HENRI EDMOND RABARIJOHN

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