Malagasy ariary

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Malagasy ariary
ariary malgache (French)
500 Ariary banknote (1993)
500 Ariary banknote (1993)
ISO 4217 Code MGA
User(s)  Madagascar
Inflation 10%
Source The World Factbook, 2007 est.
Subunit
iraimbilanja
Coins 1, 2 iraimbilanja, Ar1, 2, 4, 5, 10, 20, 50
Banknotes Ar100, 200, 500, 1000, 2000, 5000, 10,000
Central bank Banque Centrale de Madagascar
Website www.banque-centrale.mg

The ariary (Ar;[1] ISO 4217 code MGA) is the currency of Madagascar. It is equal to 5 iraimbilanja. The ariary is one of only two non-decimal currencies currently being used. The other is the Mauritanian ouguiya.

The names ariary and iraimbilanja come from earlier currency. Ariary was the name for a silver dollar. Iraimbilanja means "one iron weight". It was the name of an old coin worth ⅕ of an ariary.

History[change | change source]

The ariary was first used in 1961. It was equal to 5 Malagasy francs. Coins and banknotes were printed in both francs and ariary. The sub-unit of the ariary, the iraimbilanja, was worth ⅕ of an ariary. Because of this, it was equal to one franc. The ariary replaced the franc as the official currency of Madagascar on January 1, 2005.[2]

References[change | change source]

  1. Banky Foiben'i Madagasikara. Accessed 24 Feb 2011.
  2. "Malagasy Ariary". famouswonders.com.