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Madagascar's currency reserves record 40-percent increase

Xinhua, February 17, 2017 Adjust font size:

Madagascar's currency reserves has increased by 40 percent from 2015, a government official said Friday.

Madagascar's currency reserves stand currently at about 1.1 billion U.S. dollars, up from about 800 million dollars in 2015, the country's central bank governor Alain Rasolofondraibe said.

Rasolofondraibe attributed the rise to the unlock of IMF's Extended Credit Facility (ECF) and other multilateral and bilateral funds for Madagascar, as well as the holding of two big international conferences in Madagascar in 2016 which imported many foreign currency to the country.

However, Rasolofondraibe said that despite the improvement in currency reserves, the rate of Madagascar's currency ariary compared to euros and U.S. dollars still depends on the law of supply and demand.

Currently, one euro is worth 3,328 ariary while one U.S. dollar is worth 3,138 ariary, according to the central bank. Endit