March 24, 2020 / 3:03 PM / 14 days ago

REFILE-UPDATE 1-Madagascar's central bank injects cash to support economy due to virus

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ANTANANARIVO, March 24 (Reuters) - Madagascar’s central bank said on Tuesday it had injected 420 billion ariary ($112.2 million) in March through auctions 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.

The Indian Ocean island has so far confirmed 19 cases of the coronavirus.

The BFM also said on Tuesday that it will make available to banks the marginal lending facility — the daily amount is currently around 50 billion Ariary — for the entire banking system. ($1 = 3,743.1000 Malagasy ariary) (Reporting by Lovasoa Rabary; Writing by Omar Mohammed, Editing by William Maclean)

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