The Malagasy currency : everything you need to know by Coco Lodge Majunga
For you who do come visit or even settle in our beautiful country, It is very important to have a knowledge in general on the Malagasy currency.
The official currency of Madagascar since January 1 2005 is the Malagasy Ariary (MGA), which was reintroduced to replace the Malagasy franc. An Ariary (AR) is divided into 5 one thousand.
The word Ariary literally means a silver dollar, and it was first introduced in 1961 being at 5 Malagasy francs. The notes always showed in small print the francs they represented in order to avoid any misunderstandings..
But on the new banknotes this is no longer there.
There are MGA tickets 10 000, 5 000, 2 OOO, 1 000, 500, 200 and 100.
There are also pieces even of 1 to 50 AR. One of them 50 Ar is very beautiful with a carved baobab (view the photo)
One US dollar is approximately 2 200 Ar and 1 Euro environ 3 000 Ar… but as we all know exchange rates are unstable and they change constantly, so you need to find out from your bank or on the internet.
It should be noted that the Malagasy franc is no longer official since 2005, but beware travelers, you will always find prices in francs, especially in some rural areas. So when you see or hear the amount of money you have to pay, don't forget to ask how much it is worth in Ariary before paying.
You will find people who want to change money for you on the streets or at the airport. But the exchange of money in the market through its speculators is illegal. Only the bank and the exchange offices are authorized.
Travelers checks can only be exchanged at BNI/Crédit Lyonnais which has representatives in all major cities. You will be required to show the original receipt.
Most credit cards have started to be accepted at top hotels, major travel agencies since Madagascar was connected by a high-speed submarine cable which now allows it to exchange data with Europe 200.
ATMs are present in almost all banks.
It is important to know that with your visa card, you can withdraw maximum 150 Euro. Of course, you can repeat the operation as many times as you want but you will be billed each time with the corresponding bank charges.
Some banks still offer the possibility of withdrawing higher amounts., in the office, but it is a long process.
