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Currency & Exchange

Currency of Madagascar: Malagasy Ariary

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Malagasy Ariary · MGA · National

Malagasy Ariary
ISO MGA · MADAGASCAR
Malagasy Ariary
ISO codeMGA
Monetary authorityCentral Bank of Madagascar
MGA
ISO 4217 code
Currency identifier
1
Currencies with an official role
National
MGA
Display identifier
ISO code used where a standalone symbol is not shown
Time-sensitive
Exchange-rate context
Check the rate date and source
CurrencyMalagasy Ariary
ISO codeMGA
Largest noteAr20,000
Largest coinAr50
Current note series2017 banknote family with earlier valid issues

Who Issues Malagasy Ariary in Madagascar

For Madagascar, the key domestic currency is the Malagasy Ariary (MGA), overseen within the national framework by Central Bank of Madagascar. The corresponding ISO 4217 numeric code is 969.

For Madagascar, Central Bank of Madagascar manages the monetary framework for the Malagasy Ariary in Madagascar. MGA is therefore a nationally administered currency rather than an externally issued unit. This keeps the source trail clear.

Currency architectureNational
Primary currencyMalagasy Ariary (MGA)
Monetary authorityCentral Bank of Madagascar

Exchange Rate for MGA

When using the MGA reference, the useful benchmark is a dated MGA observation with its currency pair stated explicitly. Reference observations are benchmarks, not guaranteed retail transaction prices. The presentation keeps the reference observation clearly bounded.

Latest available reference rate*Loading...
Checking USD/MGA
Latest official/reference observation where supported. Source and date are shown after loading; this is not a trading quote.
=

On this Madagascar currency page, keep the quoted pair and observation time consistent when comparing rates. Reference observations are benchmarks, not guaranteed retail transaction prices. This separation keeps the quoted pair easy to interpret.

Banknotes and Coins

Banknotes

Banky Foiben'i Madagasikara's circulation reporting covers eight banknote denominations from Ar100 through Ar20,000, with the Ar20,000 introduced in the 2017 family.

Ar100
Ar200
Ar500
Ar1,000
Ar2,000
Ar5,000
Ar10,000
Ar20,000

Coins

The Malagasy coin family includes iraimbilanja subdivisions and ariary coins through Ar50; low denominations have limited practical use.

1 iraimbilanja
2 iraimbilanja
Ar1
Ar2
Ar4
Ar5
Ar10
Ar20
Ar50

Frequently Asked Questions

What currency is used in Madagascar?

For the Malagasy Ariary (MGA), the Malagasy Ariary (MGA) is the national currency, with Central Bank of Madagascar responsible for the domestic monetary framework. This provides the monetary framework distinct from the conversion quote.

Who manages the currency system in Madagascar?

Central Bank of Madagascar is the main monetary authority identified for Madagascar.

Are the exchange rates for Madagascar real-time?

When reading an MGA conversion, a supported conversion is based on the latest reference observation available to the tool, with the observation date shown. Treat it as a dated benchmark, not as a guaranteed retail conversion price. The comparison stays the comparison anchored to a dated observation.

Data note: Figures marked with * are sourced from external institutions or data providers and may change after publication. Exchange rates, payment statistics and other time-sensitive figures are provided for general reference and may not reflect current market, bank, card-network or transaction rates. DigifyWorld aims to use reliable sources and keep information current, but cannot guarantee that all data is complete, real-time or 100% accurate. Check the cited source or relevant monetary authority when making financial decisions.

More about Madagascar

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Sources & methodology

Central Bank of Madagascar is the principal reference used here for institutional facts about Malagasy Ariary in Madagascar. Currency identification uses ISO 4217 for MGA, with institutional exchange arrangements separated from time-specific rate data. That preserves the rate context explicit.

View sources used for this page
Exchange-rate note: the MGA converter for Madagascar requests a supported reference-rate source and displays the observation date. If no supported observation is available, the converter shows that a reference rate is unavailable instead of estimating one.