Macroeconomic Forecast Madagascar

BMI View: We have revised upward our end-08 exchange rate target to MGA1,450.00/US$ from a previous MGA1,550.00/US$. We expect inflows of foreign direct investment into the mining sector to propel currency gains. Further upside pressure stems from forthcoming loans from the IMF (US$35.3mn), African Development Bank (US$97mn) and the European Investment Bank (EUR24.5mn).

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