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Madagascar: The depreciation of the ariary continues and increases the price of the products of first necessity in the island

The Malagasy currency, the ariary, continues to depreciate heavily for several months against the euro and the dollar on the interbank market of currency.
The euro is worth in late August 2014 around 3.259 ariary (3.222 ariary tin June 30, 2014) while the dollar is trading at 2.467 ariary (2.360 ariary in June 30, 2014), as reported by the newspaper Les Nouvelles of Madagascar.
This depreciation would be due according to analysts at the high inflation rate which always hits the island and remains higher than the rate in the euro zone.
This depreciation of the local Malagasy currency resulted in its wake a slowdown in imports of consumer products to Madagascar and an increase locally first-necessity goods prices.

Antso Rajaona

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