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Madagascar: The ariary once again depreciates against the euro

The Malagasy local currency, the ariary once again depreciates against the euro on the interbank foreign exchange market after having found colors between December 2014 and mid-March 2015, sinking below the symbolic bar of 3000 ariary.
On March 11 2015, the euro was trading at a record level since October 2013 to 2912.88 ariarys.
In contrast, the euro was traded yesterday Tuesday, April 14, 2015 at around 3.118 ariarys.
That depreciation would be due according to the financial analysts "to a climate of mistrust of the operators towards the mode of governance of the state." "This is what leads operators to keep their foreign currency outside instead of repatriating the national territory."
This depreciation of the Malagasy local currency should along in its wake a slowdown in imports of consumer products in Madagascar and rising local prices of essential commodities.


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