Malagasy ariary
| Malagasy ariary | |||
|---|---|---|---|
| ariary malgache (in French) | |||
| |||
| ISO 4217 Code | MGA | ||
| User(s) |  Madagascar
| ||
| Inflation | 10% | ||
| Source | The World Factbook, 2007 est. | ||
| Subunit | |||
| ⅕ | iraimbilanja | ||
| Coins | 1, 2 iraimbilanja, Ar1, 2, 4, 5, 10, 20, 50 | ||
| Banknotes | Ar100, 200, 500, 1000, 2000, 5000, 10,000 | ||
| Central bank | Banque Centrale de Madagascar | ||
| Website | www.banque-centrale.mg | ||
The ariary (Ar;[1] ISO 4217 code MGA) is the currency of Madagascar. It is equal to 5 iraimbilanja. The ariary is one of only two non-decimal currencies currently being used. The other is the Mauritanian ouguiya.
The names ariary and iraimbilanja come from earlier currency. Ariary was the name for a silver dollar. Iraimbilanja means "one iron weight". It was the name of an old coin worth ⅕ of an ariary.
History
The ariary was first used in 1961. It was equal to 5 Malagasy francs. Coins and banknotes were printed in both francs and ariary. The sub-unit of the ariary, the iraimbilanja, was worth ⅕ of an ariary. Because of this, it was equal to one franc. The ariary replaced the franc as the official currency of Madagascar on January 1, 2005.[2]
References
- ↑ Banky Foiben'i Madagasikara Archived 2018-10-29 at the Wayback Machine. Accessed 24 Feb 2011.
- ↑ "Malagasy Ariary". famouswonders.com.