10/07/2010 The Indian Ocean Newsletter N°1289

MADAGASCAR

TGV bracing for a gloomy southern winter

Things are going from bad to worse for the President of the High Authority for Transition (HAT), Andry Rajoelina known as TGV, who has gone into a headlong rush while the country’s economic and financial situation is deteriorating. The governor of the Banque Centrale de Madagascar (BCM), Frédéric Rasamoely, is believed to have informed him recently that the bank could no longer intervene on the money markets to support the Ariary because income in foreign currency from exports was insufficient and frequently not repatriated. (...)   [727 words]   [€8]
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