Malagasy Ariary
Ariary
Currency Code
MGA
ISO 969
Symbol
MGA
Native: Ar
Decimal Digits
2
Rounding: 0
Countries
MG
Using this currency
Currency Units
Major Unit
Name: ariary
Symbol: Ar
Minor Unit
Name: iraimbilanja
Symbol:
Value: 0.2
Banknotes
Frequently Used
Ar100Ar200Ar500Ar1000Ar2000Ar5000Ar10000
Coins
Frequently Used
Ar1Ar2Ar4Ar5Ar10Ar20Ar50
Plural Forms
English Plural
Malagasy ariaries
Native Plural
Ariary
Overview
The Malagasy Ariary is the currency of Madagascar, managed by the Central Bank of Madagascar. It replaced the Malagasy franc in 2005 and is one of only two currencies (along with MRU) not based on a decimal subdivision.
Economy
- Madagascar is a member of AU, SADC, COMESA, Indian Ocean Commission.
- Main industries include: Meat processing, Seafood, Soap, Breweries, Tanneries, Sugar, Textiles, Glassware, Cement, Automobile assembly plant, Paper, Petroleum, Tourism.
- Madagascar is part of the World Trade Organization.
- Imports are capital goods, petroleum, consumer goods, food.
- Major exports include coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products, graphite.
- GDP: $16.9 billion (2023 est.).
- GDP per capita: $590 (2023 est.).
- Unemployment rate: 1.8% (2023 est.).
- Inflation rate: 8.7% (2023 est.).
- Main trading partners: China, France, United States, Germany, India, Japan.
- Trade agreements: SADC Trade Protocol, COMESA FTA, EU Economic Partnership Agreement.
History
- Previous currencies used: Malagasy franc, French colonial franc.
- The ariary was introduced in 2005, replacing the Malagasy franc at a rate of 5:1. The name comes from the pre-colonial currency used in Madagascar.
- 1961: Malagasy franc introduced after independence
- 2003: Ariary introduced alongside franc
- 2005: Ariary became sole legal tender
- 2009: Political crisis and economic impact
- 2014: Return to constitutional order
- 2020: COVID-19 pandemic impact on tourism
- Exchange rate peg: Free floating.
General Information
- ISO 4217 Code: MGA
- Symbols: MGA/Ar
- Currency Subunits: 5 iraimbilanja
- Central Bank: Central Bank of Madagascar
- Monetary Policy: Managed floating exchange rate with focus on controlling inflation and supporting economic development.
- Bills: 100 MGA, 200 MGA, 500 MGA, 1000 MGA, 2000 MGA, 5000 MGA, 10000 MGA, 20000 MGA
- Coins: 1 iraimbilanja, 2 iraimbilanja, 4 iraimbilanja, 1 ariary, 2 ariary, 4 ariary, 5 ariary, 10 ariary, 20 ariary, 50 ariary
- USD Exchange Rate: Variable (approximately 4500-4600 MGA per USD)
- Pegged To: None (Floating)
- Capital: Antananarivo
- Population: 28,915,653 (2023 est.)
- Area: 587,041 km²
- Languages: French (official), Malagasy (official), English
- Time Zones: UTC+3 (East Africa Time)
- Government Type: Semi-presidential republic
- Head of Government: President (head of state), Prime Minister (head of government)
- Independence: June 26, 1960 (from France)
- Ethnic Groups: Malayo-Indonesian (Merina and related Betsileo), Cotiers (mixed African, Malayo-Indonesian, and Arab ancestry), French, Indian, Creole, Comoran
- Religions: Christian 85.3%, Muslim 3%, Folk religion 4.5%, Unaffiliated 6.9%, Other 0.3%
- Literacy Rate: 74.8% (2018 est.)
- Transport: Ivato International Airport, limited road network, railways, eastern and western coast ports
- Communications: Basic telecommunications, 9.8% internet penetration, growing mobile network
- Energy: Hydroelectric 62%, Biomass 35%, Thermal 3%
- Countries Using This Currency: Madagascar
- Data Sources: Central Bank: Central Bank of Madagascar (banky-foibe.mg), Economic Data: National Institute of Statistics Madagascar, World Bank, IMF, Trade Data: Madagascar Customs, Demographic Data: National Institute of Statistics Madagascar, Geographic Data: Madagascar Meteorology, Historical Data: Central Bank of Madagascar archives
- Last Updated: 2025