Instruction No. 011-DOM/20 of 21 December 2020 amending exceptional refinancing instruments for enterprises, microfinance institutions, and gold sector operators

CENTRAL BANK OF MADAGASCAR

MONETARY OPERATIONS DIRECTORATE

INSTRUCTION NO. 011-DOM/20 amending certain provisions of Instructions No. 005-DOM/20 of 18 September 2020 on the establishment of an exceptional refinancing instrument to support the activities of certain enterprises,

No. 006-DOM/20 of 18 September 2020 on the establishment of an exceptional refinancing instrument to support the activities of Microfinance Institutions (MFIs), and

No. 008-DOM/20 of 4 November 2020 on the establishment of an exceptional refinancing instrument dedicated to operators of the gold sector

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. 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 appointing the Governor of the Central Bank of Madagascar,

Having regard to Instruction No. 005-DOM/20 of 18 September 2020 on the establishment of an exceptional refinancing instrument to support the activities of certain enterprises,

Having regard to Instruction No. 006-DOM/20 of 18 September 2020 on the establishment of an exceptional refinancing instrument to support the activities of Microfinance Institutions (MFIs),

Having regard to Instruction No. 008-DOM/20 of 4 November 2020 on the establishment of an exceptional refinancing instrument dedicated to operators of the gold sector,

DECIDES

Article 1:

This Instruction aims to amend the provisions of:

• Article 4 of Instruction No. 005-DOM/20 of 18 September 2020 on the establishment of an exceptional instrument to support the activities of certain enterprises,

• Article 4 of Instruction No. 006-DOM/20 of 18 September 2020 on the establishment of an exceptional refinancing instrument to support the activities of Microfinance Institutions (MFIs),

• Article 4 of Instruction No. 008-DOM/20 of 4 November 2020 on the establishment of an exceptional refinancing instrument dedicated to operators of the gold sector.

Article 2:

Paragraph 4.2 of Article 4 of Instruction No. 005-DOM/20 of 18 September 2020 on the establishment of an exceptional instrument to support the activities of certain enterprises is amended as follows:

« Article 4: IMPLEMENTATION MODALITIES
(...)
4.2 (new) These operations are launched at most once per month during the second week of the mandatory reserve building period, coinciding with the day of BFM intervention in the money market. (...) »

Article 3:

Paragraph 4.2 of Article 4 of Instruction No. 006-DOM/20 of 18 September 2020 on the establishment of an exceptional refinancing instrument to support the activities of Microfinance Institutions (MFIs) is amended as follows:

« Article 4: IMPLEMENTATION MODALITIES
(...)
4.2 (new) These operations are launched at most once per month during the first week of the mandatory reserve building period, coinciding with the day of BFM intervention in the money market. (...) »

Article 4:

Paragraph 4.2 of Article 4 of Instruction No. 008-DOM/20 of 4 November 2020 on the establishment of an exceptional refinancing instrument dedicated to operators of the gold sector is amended as follows:

« Article 4: IMPLEMENTATION MODALITIES
(...)
4.2 (new) These operations are launched at most once per month during the third week of the mandatory reserve building period, coinciding with the day of BFM intervention in the money market. (...) »

Article 5: Entry into Force

This Instruction enters into force as of 1 January 2021.

Article 6: Final Provisions

All prior provisions contrary to this Instruction are hereby repealed.

Antananarivo, 21 DEC 2020

THE GOVERNOR
Henri Edmond RABARIJOHN