{{short description|Currency of Madagascar}} {{use dmy dates|date=February 2025}} {{Infobox currency | local_name1 = ariary malagasy | local_name_lang1 = mg | local_name2 = ariary malgache | local_name_lang2 = fr | image_1 = Madagascar BFM 20000 ariary.jpg | image_2 = | image_title_1 = 20000 ariary note (2025) | iso_code = MGA | using_countries = {{MDG}} | inflation_rate = 8.8% | inflation_source_date = ''[https://web.archive.org/web/20070613003823/https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]'', 2013 est. | replaced_currency = Malagasy franc | subunit_ratio_1 = {{frac|1|5}} | subunit_name_1 = iraimbilanja (franc) | frequently_used_coins = 10, 20, 50 Ar | rarely_used_coins = 1, 2 iraimbilanja; 1, 2, 4, 5 Ar | symbol = Ar | no_plural = y | frequently_used_banknotes = 100, 200, 500, 1000, 2000, 5000, 10,000 Ar | rarely_used_banknotes = 20,000 Ar | issuing_authority = Banky Foiben'i Madagasikara | issuing_authority_website = {{URL|https://www.banky-foibe.mg/}} }}
The '''ariary''' (sign: Ar;<ref>{{Cite web |title=Banky Foiben'i Madagasikara [Central Bank of Madagascar] |url=http://www.banque-centrale.mg/ |url-status=usurped |archive-url=https://web.archive.org/web/20110116045930/http://www.banque-centrale.mg/ |archive-date=16 January 2011 |access-date=24 February 2011 |language=fr}}</ref> ISO 4217 code MGA) is the currency of Madagascar. It is notionally subdivided into 5 ''iraimbilanja'' and is one of only two non-decimal currencies currently circulating (the other being the Mauritanian ''ouguiya''). The names ''ariary'' and ''iraimbilanja'' derive from the pre-colonial currency, with ''ariary'' (from the Spanish word ''real'') being the name for a silver dollar. ''Iraimbilanja'' means "one iron weight" and was the name of an old coin worth {{frac|1|5}} of an ariary. However, as of May 2023, the unit is effectively obsolete since the iraimbilanja has practically no purchasing power, and the coins have fallen into disuse.
==History==
The ariary was introduced in 1961. It was equal to 5 Malagasy francs. Coins and banknotes were issued denominated in both francs and ariary, with the sub-unit of the ariary, the ''iraimbilanja'', worth {{frac|1|5}} of an ariary and therefore equal to the franc. The ariary replaced the franc as the official currency of Madagascar on 1 January 2005.<ref>{{cite web |date=4 April 2011 |title=Malagasy Ariary |url=http://famouswonders.com/malagasy-ariary/ |access-date=29 July 2015 |work=Famous Wonders}}</ref>
Coins and banknotes were denominated in both the official francs and the semi-official ariary and iraimbilanja since 1961. On early issues, the franc denomination was the most prominent. However, in 1978, coins of higher value were issued and denominated only in ariary. In 1993, new 500 ariary-2500 franc notes and 5000 ariary-25,000 franc notes were issued with more prominent ariary. The ariary denomination is displayed prominently on banknotes issued since 31 July 2003, and the franc denomination is displayed in small print. Lower denomination coins are also now issued denominated in ariary but with the main design unchanged.
==Coins==
{{see also|Coins of Madagascar}}
In 1965, 1 franc (1 iraimbilanja) and 2 francs (venty sy kirobo) coins were issued, followed by 5 francs (1 ariary) in 1966 and 10 and 20 francs (2 and 4 ariary) in 1970. The term "venty sy kirobo" derives from names used in the 19th century for {{frac|1|6}} and {{frac|1|4}} of a silver dollar or 5 francs piece, since {{frac|1|6}}+{{frac|1|4}}={{frac|5|12}} of 5 francs is approximately 2 francs.<ref>{{Cite web|url=https://ee.co.uk/|title=EE|website=EE}}</ref>
In 1978, 10 and 20 ariary coins were issued, which did not show the denomination in francs. These were followed in 1992 by 5 and 50 ariary coins and smaller 10 and 20 ariary coins. In 2003–04, 1 and 2 ariary coins not bearing the franc denomination were also introduced.<ref> http://www.banque-centrale.mg/pieces.asp{{dead link|date=January 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
Coins in circulation are listed below. Bold denotes the most prominent denomination, while italic denotes an equivalence not shown on the coin. {|class="wikitable" ! Denomination !! Name !! Value in MGF |- | {{frac|1|5}} ariary || Iraimbilanja || '''1 franc''' |- | {{frac|2|5}} ariary || Venty sy Kirobo || '''2 francs''' |- | '''1 ariary''' || Ariary || '''5 francs''' |- | '''2 ariary''' || Ariary Roa || ''10 francs'' |- | 4 ariary || Ariary Efatra || '''20 francs''' |- | '''5 ariary''' || Ariary Dimy || ''25 francs'' |- | '''10 ariary''' || Ariary Folo || ''50 francs'' |- | '''20 ariary''' || Ariary Roapolo || ''100 francs'' |- | '''50 ariary''' || Ariary Dimampolo || ''250 francs'' |- |}
==Banknotes==
In 1961, the Institut d'Émission Malgache (Malagasy Issuing Institute) introduced 50, 100, 500, 1000 and 5000 francs banknotes. These notes were overprints on earlier notes of the Bank of Madagascar and Comoros, with the denomination in ariary (10, 20, 100, 200 and 1000) included in the overprint. Regular banknotes in the same denominations were issued between 1963 and 1969. The denomination in ariary was written only in words, not numerals.
On 12 June 1973, the Banky Foiben’ny Repoblika Malagasy (Central Bank of the Malagasy Republic) was created by Ordinance No. 73-025, taking over the functions of the Institut d’Émission Malgache, including the issuance of banknotes.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Malagasy Republic | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | url = https://www.banknotenews.com/banknote_book/banknote_book.php}}</ref> In 1974, new notes were issued in the same denominations used earlier.
In December 1975, a draft constitution was overwhelmingly approved in a referendum, and the Second Malagasy Republic, called the Repoblika Demokratika Malagasy (Democratic Republic of Madagascar), was proclaimed. As a result of the change in the country's name, the former Banky Foiben’ny Repoblika Malagasy was renamed Banky Foiben’i Madagasikara (Central Bank of Madagascar). This resulted in a new series of notes, which included 10,000 francs (2000 ariary) notes but did not include 50 or 100 francs.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Madagascar | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | url = https://www.banknotenews.com/banknote_book/banknote_book.php}}</ref>
In 1993, notes for 500 and 5000 ariary were introduced, bearing the ariary denominations in numerals and the franc denominations (2500 and 25,000) in smaller numerals. However, in 1998, new issues replaced these notes, which only gave the franc denominations in numerals.
In 2003–2004, new notes were introduced in 100, 200, 500, 1000, 2000, 5000, and 10,000 ariary denominations. These notes also bear the franc denominations in very small numerals on notes up to 1000 ariary (500, 1000, 2500, 5000).
In 2017, the Bank Foiben’i Madagasikara (Central Bank of Madagascar) introduced a new family of banknotes. Like its previous series, the new series of notes, "Madagascar and its Riches," highlights its economic activities, biodiversity, culture and tourist sites. Part of this series includes a new denomination, 20,000 ariary. The first four denominations in this series, 2,000, 5,000, 10,000 and 20,000 ariary were issued on 17 July 2017. The four other denominations, 100, 200, 500 and 1,000 ariary, were issued on 17 September 2017.<ref>[http://banknotenews.com/files/e8aeff90a3684e8d5e9f8fcd11c1b3eb-4373.php Madagascar new note family to be introduced July/September 2017] Banknote News (banknotenews.com). 11 July 2017. Retrieved on 2017-07-11.</ref>
Banknotes currently in circulation are listed below.<ref>{{cite web |title=Legal Tender Banknotes |url=https://www.banky-foibe.mg/billets-de-banque-ayant-cours-legale |website=Central Bank of Madagascar |access-date=28 June 2022}}</ref> {|class="wikitable" ! Denomination !! Year of Issue !! Obverse !! Reverse |- | 20,000 || 2017 || Ambatovy Plant (Sherritt International) || Rice field, vanilla, pepper |- | 10,000 || 2017 || Port d'Ehoala || Valiha and Zafimaniry products |- | 5,000 || 2017 || Ranomafana National Park waterfall || Humpback whale and beach |- | 2,000 || 2017 || Lemur (Hapalemur alaotrensis) || Nepenthes madagascariensis |- | 1,000 || 2017 || Kamoro Bridge || Queen of Isalo |- | 500 || 2017 || Ambohimanga || Tsingy |- | 200 || 2017 || Montagne d'Ambre National Park || Nosy Hara National Park |- | 100 || 2017 || Holy Name of Jesus Cathedral || ''Mantella baroni'' frog |}
{{Exchange rate|MGA}}
==See also==
==References== {{reflist}}
==External links== * [http://www.bis-ans-ende-der-welt.net/Madagaskar-B-En.htm Historical and current banknotes of Madagascar] {{in lang|en|de}}
{{Commons category|Money of Madagascar}} {{Economy of Madagascar}} {{Currencies of Africa}} {{Portal bar|Africa|Madagascar|Money|Numismatics}}
Category:Currencies of Madagascar Category:Currencies introduced in 1961 Category:Currencies of Africa Category:Circulating currencies