Madagascar is one of the few French colonies that has passed from words to deeds on the issue of refusing the CFA franc. Many say that using the system in the hands of French bankers is a continuation of colonialism, but it is still there, and not in Madagascar.
First money
The first money in their modern sense was brought to the French colonialists on the largest island off the coast of Africa. The Malagasy used to somehow do without them. In 1900, the French franc was declared the official means of payment in Madagascar. In 1925, francs began to be produced specifically for Madagascar, and after World War II the dream of French bankers and capitalists came true: a special CFA franc was approved - the colonial franc of Africa (colonies françaises d'Afrique). This helped to pump out more resources from the colonies and not really strain the state treasury of France.
Franc but malagasy
In 1960, Madagascar gained independence. Initially, he was in the CFA franc zone, but in 1963 he gained courage and announced the creation of his national currency, the Malagasy franc. It was equal to the CFA franc and in the early years it was used until the manufacture of banknotes (since 1964) and coins (since 1965) made it possible to replace the colonial franc of Africa.
African look
The Malagasy franc adopted its “appearance” from its predecessor, and he, being a means of payment for a number of states, always eschewed the specifics in the images. To date, the CFA franc flaunts pictures with ordinary Africans and scenes of ordinary life. No famous personalities or attractions. God forbid countries of the Franc Zone will feel infringed or insulted, paying, for example, "someone else’s president."
In this sense, the currency of Madagascar continued the tradition. The only exception was the inscription "Madagasikara". CFA Frank is still afraid of national inscriptions, bashfully designating the issuing country with one Latin letter in the corner of the banknote.
The following denominations of coins and banknotes were issued. Coins: 1, 2, 5, 10, 20. Papers: 50, 100, 500, 1000, 2500, 5000, 10000, 25000. There were also loose centimes in circulation (1 franc is 100 centimes).
Ariari: one to five
In 2005, a new currency was announced in Madagascar - the Ariari. In fact, it existed back in the 60s, when the sum of five francs was called that way, and the franc was renamed irimbilan. It got to the point that the word "irimbilanha" was also minted on a franc coin.
True, the Malagasy themselves are not yet accustomed to counting in the Ariari, they are confused. After all, its non-decimal system is very exotic. 1 ariari is 5 irimbilia. They divide their currency into five only in Mauritania.
The population pretty easily switched to a new currency. However, all francoins are still solvent, and the ariari - the currency of Madagascar - comes out with the following nominal parameters. Coins: 1, 2, 5, 10, 20, 50. Banknotes: 100, 200, 500, 1000, 2000, 5000, 10000, 20000.
Outwardly, the Ariari inherit the traditions of their own and the colonial franc. On banknotes and coins of Madagasakar currency a minimum of specificity. The maximum that the Malagasy allow themselves is to depict endemic (regional species) flora and fauna of Madagascar on their money. So, on a banknote of 5000 ariari, you can see the living symbol of the island - cat lemur, red boiled and crested sifaku (these are also lemurs), an argeme butterfly, birds - red food, a helmet-bearing wang and a motley reptile.
Ariari Course
Unfortunately, their very beautiful external currency is not very much appreciated in the financial world.
The currency rate of Madagascar to the ruble is such that a coin of one ruble can be exchanged immediately for three Madagascar coins with a denomination of 50, 2, 1 ariari (Course 1 to 52.85). It is worth noting that the Ariari relative to the ruble is gradually becoming more expensive.
And for one American "president" they will give a whole bunch of banknotes: 2000, 1000, 200, 100, as well as coins of 50 and 5 ariari. Because the exchange rate of the Madagascar to the dollar is 1 to 3354.40. But with respect to the dollar, the Ariari is rapidly becoming cheaper.
For the euro, 3935 ariari will have to be paid. Here, the Ariri also depreciates, but not so fast.