The new amending provisions about concerning the exchange codes in Madagascar

The exchange transaction is part of the variable that contributes to the economic growth of a country. Therefore, the monetary authorities use an economic policy that acts on the trade of domestic currency for foreign currency.

The decree 2009-048 of January 12, 2009 setting the terms of application of the foreign exchange code in Madagascar has been revised. Articles 18, 19, 20, 21, 22 and 23 of the previous decree have been updated.

The main amending elements of the new decree n°2022-1183 of November 28, 2022

  • the bank automatically transfers 70% of the untransferred currencies on the 31st day of the value date of the funds received (discover the main banks in Madagascar)
  • the bank closes the foreign currency accounts of entities that do not meet the criteria * set out in the decree within 6 months of the publication of the decree; the date of publication of the decree on the MEF website was December 22, 2022
  • the opening of a foreign currency account can only be done *for exporters of goods and services, online sellers, non-residents, financial institutions and foreign exchange offices (discover the accessibility of online banking in Madagascar)
  • transfers abroad must be justified

The chart below summarizes the new amending provisions of this Decree:

Our team provides our clients with information on the evolution of financial provisions in Madagascar. You too, become a client of MDG Services, by entrusting us with your projects in Madagascar, in this case the opening of a bank account and the follow-up of the procedures related to the account in foreign currency in the case of an export.