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Jean-Guy LARRIVIÈRE
Head of International Desk Africa, Middle East

Support by the
Crédit Agricole group

Last updated: September 2021

The International Desk in Africa, Maghreb and the Middle East provides support to Crédit Agricole Group's corporate clients in Madagascar for their on-site operations, including banking advice, account openings and setting up financing. It relies on a leading local correspondent bank with a large network of branches in Madagascar.

For non-bank financial services, the International Desk helps its leading partners to internationalise.

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Means of payment

With Madagascar

Company cheque

Bank cheque

SWIFT transfer

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Usage

Weak / None

Weak / None

Common

Weak / None

Weak / None

Not recommended

Common

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Advice from the
international desk

General Information

Madagascar is a fragile country marked by political instability, which has had an impact on FDI. Despite the tensions surrounding the last presidential elections at the end of 2018, however, the elections took place in relative calm.

The government has carried out several reforms to attract foreign investors and improve the business climate (161st out of 190 by Doing business 2020). A National Investment Promotion Agency (EDBM) has been established as a one-stop shop to facilitate implementation and investment.

Although not a requirement, the use of an agent/distributor or partner with experience in the distribution of imported products can be useful in approaching the market and establishing the right contacts.


Means of Payment & Banking Specificities

Madagascar has a floating exchange rate regime: the exchange rate of the ARIARY currency is freely determined by the IFEM (Interbank Foreign Exchange Market).

The recommended invoicing currency remains the Euro despite the recent devaluation of the Ariary.

To secure payments, we strongly recommend the use of a confirmed documentary credit with payment on demand or even within 30 days maximum.

Payments for unsecured transactions are often delayed and can range from 30 days to several months. 

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