The Central Bank of Madagascar: the transfer of power finally carried out

From now on, the Central Bank of Madagascar (BCM) has a new leader, Guy Ratovondrahona. The transfer of power between the outgoing Governor of the Central Bank, Frederick Rasamoely, and the acting Governor, Guy Ratovondrahona, finally took place on the evening of Friday, March 16. According to some sources, the ceremony was held in a very cordial atmosphere. The Censors of the Central Bank have indeed carried out the usual checks.

Should it be remembered that besides the Acting Governor, it is the Censors who perform most of the management and control tasks inside the BCM which currently does not have a Board of Directors. In any case, given its important role in the monetary sectors, the Central Bank must be at 100% independent and autonomous.

It is this autonomy that former Governor, Frederick Rasamoely, has always championed during his tenure. Frederic Rasamoely, who came out of his mission holding his head up, was able to, among other things, improve the monetary situation of the country despite the ongoing crisis. Before his departure, the Central Bank has at its disposal $ 1 billion of foreign currency reserves. In addition, the Ariary was able to stay as healthy as possible compared to other major currencies like the Euro and the Dollar.

The ball is now in the camp of the current acting Governor, Guy Ratovondrahona, who according to some reliable sources, has family ties with the wife of PHAT, Mialy Rajoelina.