Order No. 25397/2015-MFB/SG/DGT/DOF/SSOC amending and supplementing Order No. 22661/2014 of August 25, 2014 on the foreign currency surrender obligation to the Interbank Foreign Exchange Market

ORDER NO. 25397/2015-MFB/SG/DGT/DOF/SSOC AMENDING AND SUPPLEMENTING ORDER NO. 22661/2014 OF AUGUST 25, 2014 ON THE FOREIGN CURRENCY SURRENDER OBLIGATION TO THE INTERBANK FOREIGN EXCHANGE MARKET.

THE MINISTER OF FINANCE AND BUDGET,

Having regard to the Constitution;
Having regard to Law No. 2006-008 of August 2, 2006 establishing the Foreign Exchange Code; Having regard to Decree No. 2009-048 of January 12, 2009 setting the implementation procedures for Law No. 2006-008 of August 2, 2006 establishing the Foreign Exchange Code; Having regard to Decree No. 2014-200 of April 11, 2014 on the appointment of the Prime Minister, Head of Government; Having regard to Decree No. 2014-235 of April 18, 2014 on the appointment of members of the Government; Having regard to Decree No. 2014-1102 of July 22, 2014 defining the powers of the Minister of Finance and Budget as well as the general organization of its Ministry; Having regard to Order No. 8211-2014/MFB/SG/DGT/DRSFP/SSOC of February 10, 2014 regarding the repatriation deadline for foreign currency arising from goods and services exports; Having regard to Order No. 22612/2014-MFB/SG/DGT/DOF/SSOC of August 25, 2014 establishing the foreign currency surrender obligation to the Interbank Foreign Exchange Market

ORDER:

Article 1: This Order aims to establish the foreign currency surrender obligation to the Interbank Foreign Exchange Market for all goods exporters and all service providers.

Article 2 (new): All goods exporters and all service providers subject to general law must surrender 100% of their export revenues. The surrender of these foreign currencies must be carried out on the foreign exchange market upon repatriation, without exceeding a 30-day deadline.

Article 3 (new): This Order shall apply for a duration of three months from its effective date.

Article 4: All local primary banks are required to submit reports regarding foreign currency surrender obligations, in addition to the repatriation statements of their clients, to the Ministry responsible for Finance and Budget.

Article 5: Non-compliance with the provisions of this Order is considered an offense, prosecuted, recorded, and penalized under the law establishing the Foreign Exchange Code.

Article 6 (new): All prior provisions contrary to this Order are and remain repealed, notably those of Order No. 226612/2014-MFB/SG/DGT/DOF/SSOC of August 25, 2014 establishing the foreign currency surrender obligation to the Interbank Foreign Exchange Market.

Article 7: Due to urgency, this Order shall enter into force immediately upon its publication by posting, radio broadcast, and television broadcast, independently of its publication in the Official Journal of the Republic.

Antananarivo, August 7, 2015
THE MINISTER OF FINANCE AND BUDGET
RAKOTOARIMANANA François M.M. Gervais