ariary

The ariary is the official currency of Madagascar. Its ISO code is MGA, and its symbol is commonly written as Ar. The currency is issued by the central bank of Madagascar, the Banky Foiben'i Madagasikara (Central Bank of Madagascar).

The ariary was introduced in the early 2000s, replacing the Malagasy franc at a fixed rate to simplify decimalization and monetary management. In 2005, the new currency became the legal tender, with 1 ariary initially set at 5 Malagasy francs. Since then, the ariary has remained the currency used for most prices, wages, and payments in Madagascar.

The ariary is subdivided into a smaller unit known as the ira. Coins and banknotes are issued in multiple denominations to accommodate everyday transactions, from small purchases to larger payments. Banknotes are printed in several denominations, while coins cover lower-value amounts. The precise set of denominations has changed over time as the central bank updates its currency series.

In everyday use, the ariary circulates alongside coins and banknotes of varying values, with higher-value notes common for larger transactions and smaller denominations used for daily purchases. The currency is primarily used within Madagascar, with exchange services available in the capital and major towns. The ariary’s value fluctuates in the foreign exchange market, and exchange rates are typically determined by market forces in relation to major currencies.

See also: Economy of Madagascar, Central Bank of Madagascar.