Malagasy ariary


The ariary is the currency of Madagascar. It is notionally subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating. The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary being the name for a silver dollar. Iraimbilanja means "one iron weight" and was the name of an old coin worth of an ariary. However, as of May 2023, the unit is effectively obsolete since the iraimbilanja has practically no purchasing power, and the coins have fallen into disuse.

History

The ariary was introduced in 1961. It was equal to 5 Malagasy francs. Coins and banknotes were issued denominated in both francs and ariary, with the sub-unit of the ariary, the iraimbilanja, worth of an ariary and therefore equal to the franc. The ariary replaced the franc as the official currency of Madagascar on 1 January 2005.
Coins and banknotes were denominated in both the official francs and the semi-official ariary and iraimbilanja since 1961. On early issues, the franc denomination was the most prominent. However, in 1978, coins of higher value were issued and denominated only in ariary. In 1993, new 500 ariary-2500 franc notes and 5000 ariary-25,000 franc notes were issued with more prominent ariary. The ariary denomination is displayed prominently on banknotes issued since 31 July 2003, and the franc denomination is displayed in small print. Lower denomination coins are also now issued denominated in ariary but with the main design unchanged.

Coins

In 1965, 1 franc and 2 francs coins were issued, followed by 5 francs in 1966 and 10 and 20 francs in 1970. The term "venty sy kirobo" derives from names used in the 19th century for and of a silver dollar or 5 francs piece, since += of 5 francs is approximately 2 francs.
In 1978, 10 and 20 ariary coins were issued, which did not show the denomination in francs. These were followed in 1992 by 5 and 50 ariary coins and smaller 10 and 20 ariary coins. In 2003–04, 1 and 2 ariary coins not bearing the franc denomination were also introduced.
Coins in circulation are listed below. Bold denotes the most prominent denomination, while italic denotes an equivalence not shown on the coin.
DenominationNameValue in MGF
ariaryIraimbilanja1 franc
ariaryVenty sy Kirobo2 francs
1 ariaryAriary5 francs
2 ariaryAriary Roa10 francs
4 ariaryAriary Efatra20 francs
5 ariaryAriary Dimy25 francs
10 ariaryAriary Folo50 francs
20 ariaryAriary Roapolo100 francs
50 ariaryAriary Dimampolo250 francs

Banknotes

In 1961, the Institut d'Émission Malgache introduced 50, 100, 500, 1000 and 5000 francs banknotes. These notes were overprints on earlier notes of the Bank of Madagascar and Comoros, with the denomination in ariary included in the overprint. Regular banknotes in the same denominations were issued between 1963 and 1969. The denomination in ariary was written only in words, not numerals.
On 12 June 1973, the Banky Foiben’ny Repoblika Malagasy was created by Ordinance No. 73-025, taking over the functions of the Institut d’Émission Malgache, including the issuance of banknotes. In 1974, new notes were issued in the same denominations used earlier.
In December 1975, a draft constitution was overwhelmingly approved in a referendum, and the Second Malagasy Republic, called the Repoblika Demokratika Malagasy, was proclaimed. As a result of the change in the country's name, the former Banky Foiben’ny Repoblika Malagasy was renamed Banky Foiben’i Madagasikara. This resulted in a new series of notes, which included 10,000 francs notes but did not include 50 or 100 francs.
In 1993, notes for 500 and 5000 ariary were introduced, bearing the ariary denominations in numerals and the franc denominations in smaller numerals. However, in 1998, new issues replaced these notes, which only gave the franc denominations in numerals.
In 2003–2004, new notes were introduced in 100, 200, 500, 1000, 2000, 5000, and 10,000 ariary denominations. These notes also bear the franc denominations in very small numerals on notes up to 1000 ariary.
In 2017, the Bank Foiben’i Madagasikara introduced a new family of banknotes. Like its previous series, the new series of notes, "Madagascar and its Riches," highlights its economic activities, biodiversity, culture and tourist sites. Part of this series includes a new denomination, 20,000 ariary. The first four denominations in this series, 2,000, 5,000, 10,000 and 20,000 ariary were issued on 17 July 2017. The four other denominations, 100, 200, 500 and 1,000 ariary, were issued on 17 September 2017.
Banknotes currently in circulation are listed below.
DenominationYear of IssueObverseReverse
20,0002017Ambatovy Plant Rice field, vanilla, pepper
10,0002017Port d'EhoalaValiha and Zafimaniry products
5,0002017Ranomafana National Park waterfallHumpback whale and beach
2,0002017Lemur Nepenthes madagascariensis
1,0002017Kamoro BridgeQueen of Isalo
5002017AmbohimangaTsingy
2002017Montagne d'Ambre National ParkNosy Hara National Park
1002017Holy Name of Jesus CathedralMantella baroni frog