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Madagascar: The ariary losing ground against the euro

The euro is currently trading in the Island in the surroundings of 3199 ariary. The same goes for the dollar which is worth about 2879 ariary.
As a reminder, on March 11  2015, the euro was traded at a high record of 2912.88 ariarys since October 2013 dipping below the symbolic threshold of 3,000 ariary.
The depreciation of the Malagasy local currency against major foreign currencies if confirmed over the long term should automatically bring along it a slowdown in imports of consumer goods in the island and rise local prices of essential commodities.


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