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In 1963, Madagascar left the CFA franc zone and the Malagasy franc was declared inconvertible by the authorities of the Confederation Franc Africaine. Madagascar's coins andbanknotes were then issued by Madagascar's Institut d'Émission Malgache until 1974 when the Banque Centrale de Madagascar was formed. And, since 2005, the Malagasy ariary (MGA), issued by the Banque Centrale de Madagascar, has been the country's currency.

The Central Bank of Madagascar (Malagasy: Banky Foiben'i Madagasikara, French: Banque Centrale de Madagascar, BCM) is the central bank of Madagascar, having Frédéric Rasamoely as its current governor.

The bank's mission is to, in collaboration with the general government, and in observation of the laws of finance, to maintain the general political economy of Madagascar; and to maintain the national monetary reserves.

Madagascar Banks

The list of commercial banks operating in the Madagascar includes: Access Bank, Bank of Africa, Banque Industrielle et Commerciale de Madagascar (BICM), Banque Malgache de L’ocean Indien (BMOI), BFV-Société Générale (BFV-SG), Union Commercial Bank, BNI, Mauritius Commercial Bank (MCB), Union Commercial Bank and SBM.


The Malagasy ariary (currency code: mga) is the official currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating (the other is the Mauritanian ouguiya). The banknotes in circulation are in denominations of 100, 200, 500, 1000, 2000, 5000, 10000 ariary.

The Malagasy ariary per US$ rate is 2210 (2010) and the inflation rate in 2009 was 9%.

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