MGAMalagasy AriaryMalagasy Ariary (MGA)
The Malagasy ariary is Madagascar's national currency and one of the few modern monetary units divided into fifths rather than hundredths.
- ISO code
- MGA
- Symbol
- Ar
- Region
- Africa
- Currency type
- Fiat currency
- Exchange system
- Market-based exchange-rate framework
- Last reviewed
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Quick facts
MGA at a glance
Currency profile
How MGA works
The Malagasy ariary is Madagascar's national currency and one of the few modern monetary units divided into fifths rather than hundredths.
Banky Foiben'i Madagasikara manages the national monetary system and issues ariary banknotes and coins for Madagascar.
- One ariary equals five iraimbilanja, a non-decimal subdivision that differs from the 100-part structure used by most currencies.
- The ariary replaced the Malagasy franc at one ariary for five francs, not the reverse.
Context
Why this currency matters
MGA is notable for both its non-decimal subdivision and its transition from the Malagasy franc. Those details matter when interpreting older documents: a franc amount cannot simply be relabeled as ariary, and an iraimbilanja is one fifth of an ariary rather than one hundredth.
Monetary framework
Exchange arrangement
Market-based exchange-rate framework
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for MGA
Ariary accounting appeared
Madagascar began showing ariary values alongside the Malagasy franc in its national currency system.
Banky Foiben'i Madagasikara - monetary historyNational central bank framework established
Madagascar consolidated monetary authority under its own central-bank institutions.
Banky Foiben'i Madagasikara - monetary historyAriary became the sole official unit
The ariary replaced the Malagasy franc at one ariary for five francs for current monetary records.
Banky Foiben'i Madagasikara - monetary history
Usage and economy
How MGA is used
- Prices, payroll, taxes and payments throughout Madagascar.
- Indian Ocean comparisons involving MUR, SCR and regional African currencies.
Banknotes and coins
MGA currency units
Madagascar's central bank publishes current ariary banknote denominations and security information.
Official currency information documents ariary and iraimbilanja coin denominations.
One Malagasy Ariary unit is recorded with 2 decimal places and uses Iraimbilanja as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
MGA questions
How many Malagasy francs equaled one ariary?
One ariary equaled five Malagasy francs during the transition; the conversion direction must not be reversed.
Why is MGA called a non-decimal currency?
One ariary is divided into five iraimbilanja rather than 100 minor units.
When did the ariary become Madagascar's sole official unit?
Madagascar completed the move from the franc to the ariary as the sole official monetary unit in 2005.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.