Girish Mahajan (Editor)

Malagasy ariary

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Code
  
MGA

User(s)
  
⁄5
  
Malagasy ariary

Banknotes
  
Ar100, 200, 500, 1000, 2000, 5000, 10,000

Coins
  
1, 2 iraimbilanja, Ar1, 2, 4, 5, 10, 20, 50

Central bank
  
Banque Centrale de Madagascar

The ariary (sign: Ar; ISO 4217 code MGA) is the currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating (the other is the Mauritanian ouguiya). The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary being the name for a silver dollar. Iraimbilanja means literally "one iron weight" and was the name of an old coin worth 15 of an ariary.

Contents

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 15 of an ariary and therefore equal to the franc. The ariary replaced the franc as the official currency of Madagascar on January 1, 2005.

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, from 1978, higher value coins were issued denominated only in ariary. In 1993, new 500 ariary-2500 franc note and 5000 ariary-25,000 franc were issued with ariary slightly more prominent. On banknotes issued since July 31, 2003, the ariary denomination is displayed prominently and the franc denomination in small print. Lower denomination coins are also now issued denominated in ariary but with the main design unchanged.

Coins

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 16 and 14 of a silver dollar or 5 francs piece, since 16+14=512 of 5 francs is approximately 2 francs.[1]

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 as well as smaller 10 and 20 ariary. In 2003–2004, 1 and 2 ariary coins not bearing the franc denomination were also introduced. [2]

Coins in circulation are listed below. Bold denotes the most prominent denomination, while italic denotes an equivalence that is not shown on the coin.

References

Malagasy ariary Wikipedia