MGA - Malagasy Ariary currency

The Malagasy Ariary (MGA) is the currency of Madagascar and is unique in being one of the few non-decimal currencies in the world. One Ariary is subdivided into five iraimbilanja rather than 100 smaller units. Introduced in 1961 to replace the Malagasy franc, the ariary became the country’s sole legal tender in 2005. The Central Bank of Madagascar manages the issuance of banknotes and coins, with denominations ranging from small coins to high-value banknotes. The Ariary is primarily used within Madagascar, with limited exchangeability outside the country. Due to economic fluctuations, the exchange rate of the ariary can be volatile, impacting import-dependent sectors of Madagascar’s economy.