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Madagascar: The local currency, the ariary, strongly depreciates against the euro




The Governor of the Central Bank of Madagascar, Alain Hervé Rasolofondraibe, recently stated that the ariary has depreciated by more than 15% between January and November 2014.
The Malagasy authorities aimed on their side on a depreciation of the local currency of the order of 10%. One euro is currently roughly about 3,170 ariary.
 
The Malagasy authorities aimed on their side on a depreciation of the local currency of the order of 10%. One euro is now thus around 3,170 ariary.
 
This impairment would be due according to analysts to the high inflation which prevails in the Island and remains higher than the rate in the euro zone. This depreciation of the ariary leads to an increase in prices on consumer products imported into the Island.



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