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Madagascar Madagascar 80 – Madagascar Madagascar MADAGASCAR 2006 At a Glance Grande� Comore Moroni Iles Glorieuses France Kartala� 2361 m COMORES Cap d'Ambre Anjouan A Population (mn) Cap St-Sébastien Antsiranana 19.1 R C Moheli H Montagne d'Ambre� I 1475 m P I. Mitsio E Dzaoudzi Baie d'Ambaro L Baie d'Ampa Mayotte France D E I. Bé M S a h C sindava a Vohimarina O M v O a Population Growth (annual %) R v 2.6 y ES E 1734 m MASSIF DU� Iles Radama Maromokotro� 2876 m U o TSARATANANA B riv em a Q Baie de � Narinda I Official Language Malagasy/French S o B Helodranon'i� f Bezavona� i Mahajamba a 1479 m Antalaha Cap Est M So Baie de� fia Manakalampona� Bombetoka 1393 m d'Atongil A Mahajanga Baie� Currency (Since 2005) Malagasy Ariary (MGA) Z Cap� Cap Masoala Lac� St-André M 1301 m Cap Bellone Kinkony a O h a ja m b a M 1315 m B e Antolana� ts 1204 m Ste-Marie y ib o v k a a Lac� GDP (Current US$ bn) 5.5 U v O C E A N � 720 m a Alaotra b a D Ankaroaka� M Vatoloha� 1445 m 1565 m L Toamasina 1303 m I k Vazobe� o ol p INDIEN o 1779 m A b a GDP Growth (annual %) P 4.8 m L a A n T N 934 m a E M A U Kinangaly� Antananarivo D A 1319 m Tsiafajavona� U lo 2642 m B M ahaji E C A R M T A A R ia A N K A M R n M a ango GDP Per Capita (US$) A 288 Ts a iribihin ro H A Antsirabe Morondava 2052 m Y A K M tra A atsia FDI, net inflows (US$ mn) (2005) 48 M U 1034 m D ananan a F M t I na S na S A Fianarantsoa M oky M ang Lac� I Ihotry h Cap� o Pic Boby� s External Debt (US$ mn) 1.7 Saint-� y 2658 m Vincent O 1321 m L A to S alo I ' Im L E M a D n . a f gok na an y r M a Toliara M 1824 m o v i a External Debt/GDP (%) 31.5 n hy a O nila 1637 m I MAURICE KO 'IV A A N Y E L .D f S M e r E a Port Louis N r S d E N n E N a I Y Piton de la� S a M A r H O Petite Rivière Noire� CPI Inflation (annual %) d 11.4 C n N Pointe� St-Denis 828 m ra A a Itaperina en M Piton des Neiges� Faradofay 3069 m Piton de la Fournaise� 2631 m E S REUNION� N Cap� IG France E Ste-Marie A R Exports of goods and services (% of GDP) 26.0 S C M A IL E S Gross Official Reserves (US$ bn) 0.49 Sovereign Ratings Gross Official Reserves(months of imports) 3.7 Long Local Foreign UNDP HDI RANKing 143 Term Currency Currency GEOATLAS - Copyright1998 Graphi-Ogre Source: AfDB, IMF, UNCTAD, UNDP, UN Population Division S&P B 0 km 100 200 300 B400 km 1. Overview of Financial System years to liberalize and enhance the efficiency of the The central bank of Madagascar, Banque Centrale financial system, through the privatization of state- de Madagascar (BCM), was established in 1973 and owned banks, the independence of the BCM, and replaced the Institut d’Emission Malgache. Although the creation of an inter-bank currency market in it is an independent institution, it extends statutory 1994. In addition to these reforms, measures were loans to the Government (10% of the previous fiscal taken to enhance the regulation and supervision of year tax revenue). The BCM is the banker of the banking activities, namely: Law No. 95-030 of 22 Government and its advisor on all issues pertaining February 1996 on the activities and control of credit to banking laws and regulations. It supervises the establishments, and Law No.96-020 of 4 September banking industry and acts as the lender of last resort 1996 to regulate the activities and organization of M to banks. It is responsible for ensuring the smooth Savings and Loans institutions, the creation of the functioning of the financial system and setting the Bank and Financial Supervision Commission, and the Madagascan monetary policy. introduction of prudential standards. The overriding objective of the Madagascan central bank is to control inflation and keep the currency Bank and Non-Bank Financial Sector stable externally. In implementing the monetary Madagascar’s financial system is dominated by the policy and stabilizing prices, BCM uses reserve banking sector, which underwent a series of reforms requirements, open market operations, interest rates in the 1990s. There are eight commercial banks and bank liquidity to both manage the monetary operating in the country, with the four largest banks base (operating target), and the M3 monetary base (89% market share), each controlling more than 15% (intermediate operating target). of the market. Their lending is, however, largely limited Reforms have been implemented in recent to large companies. There are also savings and loans Madagascar – 81 institutions and some micro-finance institutions, but 3. Foreign Exchange the latter’s share in financing the economy is quite In January 2005, the Malagasy Ariary (MGA) replaced small (MGA 44.8 bn as of December 2006). the Malagasy Franc as the official currency. The Three insurance firms operate in the country. exchange rate is an independent freely-floating currency They are liquid and are supervised by the Ministry of and its value is determined through the FX interbank Finance and Economy. market, created in 1994. Only the Euro and the US dollar are quoted in the official interbank market. The central Capital Markets bank intervenes to limit major exchange rate fluctuations Madagascar is currently considering developing and to ensure that the foreign currency reserve targets its capital markets, which for the time being mainly are maintained. In 1998, the Government lifted all consists of government securities. There are no restrictions on current account-related payments. corporate issuances. Most capital movements with other nations require government authorization, including outward direct 2. Fixed Income Markets investment by residents, but inward direct investment Government Securities may be freely conducted within Madagascar without A Dutch Treasury Bill Auction system was set up in authorization or investment approval. 1997. Since 2006, the Madagascan Treasury now sets a maximum rate and indicates the total amount MGA Per Unit of USD and EUR ( Year End ) to be raised on the day of the auction to the central 2,500 bank. Offers made below the maximum rate are all satisfied at their initial bidding rate. The central bank 1,500 issues auction-based treasury bills (Bons du Trésor par Adjudication-BTA) using four maturity buckets: 500 4-weeks, 12-weeks, 24-weeks, and 52-weeks. As of 2000 2001 2002 2003 2004 2005 2006 December 2006, the outstanding BTA amount was Source: Bloomberg MGA 728.7 bn. Non-bank financial institutions are the largest investors in treasury bills, followed by banks (35%) and insurance firms (5%). Foreign investors 4. Investment Taxation can only purchase government securities if they are There is a 15% capital gains tax levied on treasury residents and hold a local currency bank account. bills transactions. Madagascan Yield Curve (end of 2006) 5. Key Contacts • La Banque Centrale de Madagascar 21.00 Mailing Address: B.P. 550, % Antananarivo (101), Madagascar 16.00 4-weeks 12-weeks 24-weeks 52-weeks Tel: +261-20-222-3465/1751/1752 Source: Banque Centrale de Madagascar Fax: +261-20-223-4532 E-mail: [email protected] Secondary market Web: www.banque-centrale.mg The volume of transactions executed in the secondary market was MGA 161.6 bn (2006). It is dominated by transactions made by brokers and non-bank institutions..
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