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Madagascar: The ariary continues to depreciate against the euro and the dollar as a result of inflation




photo - L'express Mada
photo - L'express Mada
Alain Hervé Rasolofondraibegovernor of the Central Bank of Madagascar (BCM), has explained on Tuesday during a press conference at the Ministry of Finance and Budget that the depreciation of the ariary is mainly due to inflation.
 
The governor of  the Central Bank of Madagascar also observed that it is essential to reduce expenditures in that their rate of inflation is around 7% in the Island is 3% in other developing countries, as reported by the newspaper L’Express of Madagascar.
 
The Malagasy local currency, the ariary thus continues to depreciate sharply for several months against the euro and the dollar on the interbank currency market.
 
One euro is currently valued around 3397 ariarys and one US dollar is exchanged at 2,727 ariarys.
 
As a reminder, the euro worth at the end of August 2014 around 3,259 ariarys (3,222 ariarys on 30 June 2014) while a dollar was trading at 2.467 ariarys (2,360 ariarys on 30 June 2014).



Abu Bakr Siddeeq Ameeruddin


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