MADAGASCAR

(MGA) Currency News >>

CURRENCY:

Ariary - MGA, Symbol Ar.

This currency has replaced the Malagasy Franc (MGF).

DENOMINATIONS:

NOTE: Ar10,000, 5,000, 2,000, 1,000, 500, 200 and 100

COIN: Ar50, 20, 10, 5, 2 and 1

US DOLLAR ACCEPTED?

N/A

CREDIT/DEBIT CARDS AND ATMS:

Major credit cards are accepted in high-end hotels in the capital. ATMs are more widely available in the capital.

CURRENCY EXCHANGE:

The best exchange rates will be at banks and bureaux de change - note however, the Ariary is NON-CONVERTIBLE so you will not be able to change it back into your original currency.

TRAVELLER'S CHEQUES:

These are best in US dollars or Euros. You will be able to change them at banks and larger hotels.

BANKING HOURS:

Mon-Fri 0800-1600. Banks close over lunchtime.

CURRENCY RESTRICTIONS:

Export of local currency is prohibited.

COUNTRY OVERVIEW:

The official name of this country is the Republic of Madagascar, and it was formerly known as the Malagasy Republic. It is an island nation in the Indian Ocean near the south east coast of Africa. The main island is Madagascar and is the fourth largest island in the world. The capital is Antananarivo and the official languages are Malagasy, French and English.

POPULATION:

Around 20 million.

ECONOMY:

The main elements of the Madagascar economy are fishing and forestry. There are exports including coffee and vanilla. Interestingly, as the world's largest producer and exporter of vanilla, the country's economy was markedly affected by the decision in the mid 1980s of Coca-Cola to reduce the amount of vanilla to the drink. Then, when the amount of vanilla was reinstated, the economy returned to previous levels. Poverty and corruption are both issues to Madagascar.