Here is the complete financial historical report of Madagasikara (Madagascar) in International English, as requested:

Financial Historical Report of Madagasikara (Madagascar)

Basic Data

• Country ISO Code: MG

• Official Language: Malagasy (Malagasy) and French (also official)

• Language ISO Code: mg (Malagasy)

• Current Official Currency: Malagasy Ariary

• Currency ISO Code: MGA

Currency History in Madagascar

1. Malagasy Franc (MGF)

• The Malagasy franc was the official currency during French colonial rule and continued after independence in 1960.

• The franc experienced devaluation and economic instability over the decades.

• Coins and banknotes denominated in francs circulated from 1925 until 2004.

2. Ariary (since 1961)

• The ariary was introduced in 1961 and initially circulated alongside the franc.

• The ariary is a non-decimal currency: 1 ariary equals 5 iraimbilanja (fractional unit).

• From January 1, 2005, the ariary became the sole official currency, replacing the franc.

• The iraimbilanja coins have become largely obsolete due to inflation and low value.

Details of the Current Currency – Malagasy Ariary (MGA)

Designs and Symbols on Coins and Banknotes

• The currency features cultural and natural symbols of Madagascar such as lemurs, baobab trees, and native flora and fauna.

• Banknotes depict historical leaders, national monuments, and traditional Malagasy life scenes.

• Texts are in Malagasy and French, reflecting the country’s bilingual status.

Economic and Historical Context

• The transition from the franc to the ariary was part of a monetary reform aimed at reinforcing national identity and stabilizing the economy.

• Madagascar’s economy faces structural challenges including widespread poverty, agricultural dependence, and vulnerability to external shocks.

• The ariary’s non-decimal structure is rare globally and reflects Madagascar’s unique cultural heritage.

• The Central Bank of Madagascar manages currency issuance and monetary policy to maintain stability.

Interesting Facts and Particularities

• The ariary is one of the few non-decimal currencies worldwide, divided into 5 iraimbilanja instead of 100 subunits.

• Iraimbilanja coins are rarely used in daily transactions due to inflation and low purchasing power.

• Madagascar issues commemorative coins celebrating cultural and historical events.

Current Circulation Status

• Since 2005, the ariary is Madagascar’s sole official currency.

• Iraimbilanja coins remain legal tender but are mostly symbolic in everyday commerce.

• The Central Bank regularly issues new series of banknotes and coins with updated security features to prevent counterfeiting.

This report provides a comprehensive overview of Madagasikara’s financial history, highlighting the evolution of its currency and the unique features of the current official currency, the Malagasy ariary.