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The Central Bank of Madagascar (BCM) was founded on June 12, 1973 by ordinance No. 73-025. This ordinance was repealed and replaced by the amended Act No. 94-004 of June 10, 1994, which defines the statutes of the BCM and devotes its independence in monetary policy. Under Article 6 of its statute, the BCM has the general task of ensuring the internal and external stability of the currency. As such, it develops and implements monetary policy. It performs the following functions: it exercises the privilege of issuing banknotes and coins at the territory of Madagascar; it is the bank of banks; it is the bank of the State; it manages the national currency reserves; it is the guarantor of the proper functioning of the banking and financial system; it ensures the proper functioning of the payment system; it ensures the Secretariat General Commission of Banking and Financial Supervision.