Madagascar will soon have its gold coins
Madagascar will soon have its gold coins
The Central Bank of Madagascar celebrates its fiftieth anniversary by issuing commemorative gold coins of 50 ariary. Indeed, the big island will also have its own gold coins just like the US Eagle or the South African Krugerrand.
Madagascar will soon have its gold coins
Madagascar will also have its own piece of 50 gold ariary to mark the fiftieth anniversary of the Central Bank of Madagascar (BFM). With this project, Banky foiben'i Madagasikara could have part of its official gold reserve in the form of gold coins. It has already launched a program to buy walleye from local operators in December 2020. She currently has 1,030 ton of gold in its reserve.
For the Malagasy monetary authority, the exit of 50 golden ariary will be made as part of its fiftieth anniversary, whose celebration should start this month, specifies the minutes of the weekly government meeting.
A valuable piece
The value of the future golden coin of 50 ariary will not be that of the face value indicated since it is made of gold. It will rather be determined by the quantity of the yellow metal that the piece will contain., each piece will weigh approximately 1 Oz. Indeed, its value will therefore be influenced by the world price of gold.
These parts will be produced in Türkiye in the context of temporary export for outward processing. The gold will be exported exclusively for processing into gold coin in Türkiye, but will be used in Madagascar. Actually, the State will bear the taxes and customs fees for the export of the raw material necessary for the manufacture of these parts.
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