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Madagascar: The local currency, ariary, depreciates in one year against euro and dollar

The policy of economic revival of the government of Kolo Roger has not yet had the desired effect on the course of the Malagasy local currency, the Ariary, which continues to depreciate sharply against the euro and the dollar on the interbank market currencies.
 The euro is worth in June 2014 around 3,204 ariary (2,872 ariary in June 2013) while a dollar is trading today at 2.358 ariary (2.169 ariary in June 2013), as indicated in the Midi Madagasikara newspaper.
This impairment is due according to the analysts to high inflation that hit the Big Island and remains higher than the rate of the euro area.
This depreciation of the local Malagasy currency resulted in its wake a slowdown in imports of consumer in island products and it is also "importers of intermediate goods and production equipment who are also penalized," as reported by the Midi Madagasikara newspaper.

Antso Rajaona

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