Indian Ocean Times - only positive news on indian ocean

Madagascar: The local currency, the ariary, continues to depreciate against the euro and dollar




As announced earlier this year by financial analysts, the Malagasy currency, the ariary, continues to heavily depreciate against the euro and the dollar on the interbank market of currency.
 
The euro is currently worth 3,200 ariary while that dollar is trading today at 2.300 ariary, as indicated in the Midi Madagasikara newspaper.
 
This depreciation would be due according to analysts at the high rate of inflation that has plagued the great island and remains higher than the rate in the euro zone.
 
This depreciation of the local currency Malagasy resulted in its wake a increase significant widespread prices on imported goods as some food products whose prices continue to climb on the local market.
 
As a reminder, last January the inflation rate reached 6.4% in Madagascar. At the same time, this figure was approximately 1% in Europe.



Antso Rajaona


More from Indian Ocean Times :
< >

Monday, April 11th 2016 - 07:19 A new Prime Minister for Madagascar

Friday, March 4th 2016 - 05:00 The Antananarivo declaration