Regulatory Alerts2003-07-07
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Law No. 2003-004 of July 7, 2003 Amending Article 7 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar
This law amends Article 7 of the statutes of the Central Bank of Madagascar to establish the Ariary as the country's monetary unit. It additionally permits the continued use of the denominations 'Franc malgache' or 'Iraimbilanja', each valued at one-fifth of an Ariary. The law mandates that regulatory texts define its implementation details and requires its publication in the Official Journal of the Republic.
LAW No. 2003-004 of July 7, 2003 Amending the provisions of Article 7 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar. (Official Journal No. 2847 of August 4, 2003, p. 2025)
Article 1. The provisions of Article 7 of Law No. 94-004 of June 10, 1994 on the Statutes of the Central Bank of Madagascar are amended as follows:
Article 7 (new). The ariary is the monetary unit of Madagascar. However, the denomination: "Malagasy Franc" or "Iraimbilanja", worth one-fifth of the Ariary, is permitted.
Article 2. Regulatory texts will establish, as necessary, the implementation procedures of this law.
Article 3. This law shall be published in the Official Journal of the Republic. It shall be executed as a law of the State.
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