Ariary is the currency of Madagascar

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Madagascar is one of the few French colonies that has moved from words to deeds on the issue of abandoning the CFA franc. Many say that using the system in the hands of the French bankers is a continuation of colonialism, but things are still there, not in Madagascar.

First money

The first money in the modern sense was brought to the largest island off the coast of Africa by the French colonizers. Malagasy used to somehow manage without them. In 1900, the French franc was declared legal tender in Madagascar. In 1925, francs began to be issued specifically for Madagascar, and after the Second World War, the dream of French bankers and capitalists came true: a special CFA franc was approved - the colonial franc of Africa (colonies françaises d'Afrique). This helped to pump more resources out of the colonies and not strain the French state treasury.

Frank but Malagasy

In 1960, Madagascar gained independence. At first, he was in the CFA franc zone, but in 1963 he plucked up courage and announced the creation of his own national currency.- Malagasy franc. It was equal to the CFA franc and was used in the early years until the production of banknotes (since 1964) and coins (since 1965) made it possible to replace the colonial franc of Africa.

African look

The Malagasy franc adopted its "appearance" from its predecessor, who, being the means of payment for a number of states, has always eschewed specifics in images. Until now, the CFA franc "flaunts" pictures with ordinary Africans and scenes of ordinary life. No famous people or landmarks. God forbid, the countries of the Franc Zone feel infringed or insulted, paying, for example, "foreign president".

In this sense, the currency of Madagascar continued the tradition. The only exception was the inscription "Madagasikara". Frank CFA is still afraid of national inscriptions, bashfully designating the issuing country with one Latin letter in the corner of the banknote.

The following denominations of coins and banknotes were issued. Coins: 1, 2, 5, 10, 20. Paper notes: 50, 100, 500, 1000, 2500, 5000, 10000, 25000. There were also change centimes in circulation (1 franc is 100 centimes).

Ariari: one to five

In 2005, a new currency, the ariary, was announced in Madagascar. In fact, it existed back in the 60s, when sums of five francs were called that way, and the franc was renamed Iraimbilagna. It got to the point that the word "iraimbilagna" was also minted on the franc coin.

True, the Malagasy themselves have not yetaccustomed to counting in ariary, they get confused. After all, her non-decimal system is very exotic. 1 ariari is 5 iraimbilanha. They divide their currency by five only in Mauritania.

Population quite easily switched to a new currency. However, all francocoins are still solvent, and the ariary - the currency of Madagascar - comes out with the following nominal parameters. Coins: 1, 2, 5, 10, 20, 50 Banknotes: 100, 200, 500, 1000, 2000, 5000, 10000, 20000.

Outwardly, the Ariary inherit the traditions of their own and the colonial franc. On banknotes and coins of the Madagascar currency there is a minimum of specifics. The maximum that the Malagasy allow themselves is to depict endemics (regional species) of the flora and fauna of Madagascar on their money. So, on a banknote of 5000 ariari, you can see the living symbol of the island - a ring-tailed lemur, a red vari and a crested sifaka (these are also lemurs), an argema butterfly, birds - a red foodi, a helmeted vanga and a motley ispidina.

Ariary exchange rate

Unfortunately, their very beautiful-looking currency is not very valued in the financial world.

The exchange rate of Madagascar against the ruble is such that a coin of one ruble can be exchanged immediately for three Madagascar coins with a denomination of 50, 2, 1 ariary (Rate 1 to 52, 85). It is worth noting that the ariary is gradually becoming more expensive against the ruble.

And for one American "president" they will give a whole pile of banknotes: 2000, 1000, 200, 100, as well as coins of 50 and 5 ariary. Because the Madagascar currency rate against the dollar is 1 to 3354.40. But against the dollar, the ariary is rapidly depreciating.

For the euro will have to pay already 3935 ariary. Here, ariri also depreciates, but not at such a rapid pace.