Economy : The Euro goes almost to 5 000 Ariary

Never seen, the Euro is gaining more and more altitude against the Ariary. The value of the Euro is almost at 5 000 Ariary. You will have more information on this subject in this article.

The Euro goes almost to 5 000 Ariary

The Ariary depreciates sharply against the Euro. According to the Central Bank, the Euro is currently trading at almost 5 000 Ariary. And this is a record level for the euro that it has never known against the Ariary.

The depreciation of the Ariary is explained a priori by the strong comeback of the euro after its tumble at the end of the beginnings of the war in Ukraine. Undoubtedly, this depreciation of the Ariary, will only reinforce the inflationary trend which should continue in 2023 according to the forecast of Malagasy economists, and especially according to the Ministry of Economy and Finance, in the finance law 2023. Namely, the inflation rate is already around 10,4%.

A more effective monetary policy to consider

The possible increase in the import, is more likely to worsen the situation of our national currency. The rise of tourism and its insignificant contribution in terms of foreign currency inflows may not balance the balance.. This is why economists believe it is time for Malagasy leaders to”adopt a more effective monetary policy, to stabilize prices, support growth and better control the exchange rate. Efforts made by leaders in terms of foreign exchange repatriation must, among others, be more supported to make them more effective. But an effective policy to also support public spending and consumption, as well as a strategy to limit import dependency, are necessary.

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