Currency Rates for Malagasy Ariary
Bank Exchange Rates for Madagascar - MGA - Malagasy Ariary - Ar. The foreign exchange rates for Madagascar also known as the ISO code MGA or the Malagasy Ariary currency and as a symbol Ar.
Send Money Transfer to Madagascar. Coins are available in denominations of 1 and 2 Iraimbilanja, 1, 2, 4, 5, 10, 20 and 50 ariary. Banknotes are in circulation in denominations of 100, 200, 500, 1000, 2000, 5000 and 10,000 ariary.
The Madagascan currency is one of only two non-decimal units of currency in circulation, one ariary subdivides into 5 Iraimbilanja.
The currency was introduced in 1961, replacing the Malagasy franc at a ratio of 5 francs to one ariary. Both franc and ariary continued to be issued alongside each other, until the ariary became the official currency, fully replacing the franc in 2005.
GBP to MGA
The ariary is the universally accepted currency of the republic of Madagascar. It is divided into units of 5 iraimbilanja and is among non-decimal currencies in circulation. Ariary and iraimbilanja are names derived from a currency that was embraced in the pre-colonial era, while the ariary is a term derived from a solver dollar used then. Literally, iraimbilanja translated is â€œ1 iron weightâ€, which is a coin initially used across the country that was worth 1/5 of one ariary. A further exploration of the currency could help reveal its growth and value, so here is a touch on its history.
Introduced in 1961, the Malagasy Ariary would be equal to 5 Malagasay francs. Both coins and notes were made in differentgroups made up ofariary and francs. Irambilanja, the sub-division of an ariary was valued at 1/5 of 1 ariary, which basically translates to being equal to a franc. The ariary would replace the franc to be embraced as officially valid currency to be used by Madagascar as from January 1, 2005. Beginning 1961, coins and notes were made in denominations of the semi-official ariary and official francs, with the franc claiming higher prominence over others.
From 1978, a higher value set of coins was issued and this time the denomination released was in ariary. In 1993, the government made a move that saw the introduction of notes in the categories of 5,000 and 500 denominations, and with these changes the ariary gradually started to become popular. The currency has since gained ground and is widely used across the country, with lower denomination coins still in circulation using the main design.
Coins for the Malagasy Ariary were first issued in 1978 when the ariary was embraced officially as the currency for the nation. The coins were made in 10 and 20 ariary denominations. This issue was followed by a 1992 release of 5 and 20 sets of coins.
Banknotes have also been in circulation since the first introduction of the Malagasy Ariary. Madagascar has contunued to develop its financial structure to accommodate better growth in value and this has also helped to keep its currency strong over the years.
Bank Exchange Rates for Malagasy Ariary. The foreign exchange rates for Madagascar also known as the ISO code MGA. Send money transfer online with us with the cheapest options.