March 24, 2020 / 2:48 PM / 17 days ago

Madagascar's central bank injects cash to support economy due to virus

ANTANANARIVO, March 24 (Reuters) - Madagascar’s central bank said on Tuesday it had injected 420 billion ariary ($112.2 million) in March into the banking system to help it cope with the coronavirus epidemic.

Banky Foiben’i Madagasikara (BFM) also planned to inject a minimum of 200 billion ariary by the end of March to boost available liquidity in the banking system, it said in a statement.

“Depending on the evolution of the situation, and to counter the harmful effects of the COVID-19 pandemic on the economy of Madagascar, BFM is determined to take all the necessary measures within the framework of its mission,” the central bank said.

$1 = 3,743.1000 Malagasy ariary Reporting by Lovasoa Rabary; writing by Omar Mohammed

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