Madagascar Ariary (MGA)

Madagascar Ariary (MGA) is the official currency of Madagascar, an island country located in East Africa. It replaced the previous currency, the Malagasy Franc, after Madagascar gained independence in 1961. The name “ariary” is derived from the traditional currency used by the Malagasy people.

The Madagascar Ariary is issued and managed by the Central Bank of Madagascar. It is divided into subunits called “iraimbilanja,” with 1 Ariary being equal to 5 Iraimbilanja. The banknotes in circulation are in denominations of 100, 200, 500, 1000, 2000, 5000, 10,000, 20,000, and 50,000 Ariary. There are also coins in denominations of 1, 2, 4, 5, 10, 20, 50, 100, and 200 Iraimbilanja.

The value of the Madagascar Ariary can fluctuate based on exchange rates. While tourists in Madagascar often use more widely accepted currencies such as the US Dollar or Euro, the local currency is used for local transactions and shopping within the country.

The Madagascar Ariary plays an important role in the country’s economy and is used as a means to support economic activities. Sectors such as tourism, agriculture, mining, and textiles contribute to economic growth in Madagascar, and the Ariary facilitates trade and transactions within these sectors.

It is worth noting that the exchange of foreign currencies to Ariary can sometimes be limited outside major cities in Madagascar, so it is advisable to carry enough local currency for transactions in remote areas. Additionally, it is recommended to exchange money at authorized exchange offices or banks to ensure fair rates and avoid counterfeit currency.

Overall, the Madagascar Ariary is the official currency of Madagascar and is used for various economic activities within the country.