Madagascar : New provisions relating to the repatriation of foreign currency
Madagascar : New provisions relating to the repatriation of foreign currency
The Malagasy authorities have decided to reduce the list of natural and legal persons authorized to hold foreign currency accounts. They also modify the provisions relating to the repatriation of the latter.
New provisions relating to the repatriation of currencies
The Malagasy authorities have decided to reduce the list of natural and legal persons authorized to hold foreign currency accounts. They also modify the provisions relating to the repatriation of foreign currency. Thus, according to the new decree, “if the operators who have just repatriated their currencies do not give up the 70% the amount repatriated on the interbank foreign exchange market in the 30 days prescribed by law, the banks have the obligation to carry out the transfer from the 31st day”, informs the Minister of Economy and Finance.
This explains that if the old text instituted the obligation to repatriate the currencies and provided for their transfer in the 30 repatriation days, he was silent on what happened if the operator did not proceed with the assignment.
494 million dollars dormant in foreign currency accounts of residents
Following a study conducted by the Ministry of Economy and Finance, 494 $ million “are sleeping” in foreign currency accounts of residents in Madagascar.
The Minister of Economy and Finance, Rindra Hasimbelo Rabarinirinarison, explained that only certain categories of people should be able to open a foreign currency account.
According to him, in addition to companies exporting goods and services, non-residents, financial institutions and exchange offices, other entities that justify the need based on well-defined criteria may be authorized to hold foreign currency accounts in a bank.
These may be importers for the domiciliation and payment of import operations or organizations and associations whose activities are involved in the context of projects concluded with foreign partners or certain companies..
Those who are not on the list have six months to close their foreign currency accounts., indicate Rindra Hasimbelo Rabarinirinarison.
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