EXCHANGE RATES – Slight decline of the euro at MID

A rest. After a turbulent week, the Interbank Currency Market, MID, closed yesterday’s session with a slight drop in the euro. The European currency was quoted at 4,907 Ariary after touching the 5,000 Ariary mark in the days leading up to Independence Day. Even so, in the primary banks, with the financial charges and the Agios, the euro is selling well above 5,000 ariary and is buying below the daily indications of the MID. Restrictive measures have been announced to repatriate foreign currency earned from exports, fictitious foreign currency accounts have been spied on, the black market in broad daylight banned, but all this has not yet had any significant effects on the upward curves on which the euro and the dollar move. Opening up the MID to “shadow actors” may reverse this trend.