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Madagascar: Prime Minister Roger Kolo wants to prevent the depreciation of ariary

The Malagasy Prime Minister Roger Kolo
The Malagasy Prime Minister Roger Kolo
According to the Malagasy Prime Minister Roger Kolo, the funds allocated in emergency in mid-June by the international monetary Fund (IMF) for an amount of 47.1 million dollars to Madagascar will be used among others to intervene via the Central Bank of the country in the interbank market of currency and curb the depreciation of the local currency, the ariary.
Thus, accomplishments of infrastructure and job creation were to result from the massive acquisition of foreign currency, as reported by the site
As a reminder, the euro was worth in June 2014 around 3,204 ariary (2,872 ariary in June 2013) while one dollar was trading at 2.358 ariary (2.169 ariary in June 2013).
This depreciation of the Malagasy local currency resulted in its wake a slowdown in imports of consumer products in the island, not to mention that importers of intermediate goods and production equipment are also penalised.

Antso Rajaona

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