Madagascar Currency

The official currency of Madagascar is Malagasy ariary. Its ISO code is MGA. Early 2005, the Malagasy ariary replaced the Malagasy franc a currency that was previously in use. One Malagasy franc was valued at 0.2 ariarys. Madagascar’s Malagasy ariary is only one of two flowing currencies globally with division units not based on a power of ten.
Currency Denominations
Malagasy ariary currency notes are in denominations of Ar10, 000, 5,000, 2,000, 1,000, 500, 200 and 100. The coins are in denominations of Ar50, 20, 10, 5, 2 and 1. The banknotes show how many francs they are worth, however it has not been done for the coins. 1 Malagasy Franc = 100 centimes.
ATMs in Madagascar
Automated Teller Machines (ATMs) are distributed in and around Antananarivo and in most other major towns of the country. At the ATMs, bankers or users can only a withdrawal maximum value of 900,000 Malagasy Franc. However, several withdrawals can be made to a tune of the amount of money one may wish to get if needed immediately.
Note: The Malagasy ariary is non-convertible.
Commercial Banks in Madagascar
Bank of Africa, Banque Industrielle et Commerciale de Madagascar, Banque Malgache de L’ocean Indien, BGFI Bank Madagascar, Bank Negara Indonesia, Mauritius Commercial Bank, Access Bank Madagascar, Madagascar Microfinance Bank, BFV-Société Générale and State Bank of Mysore
Official Banking hours
Monday – Friday: 0800-1100 and 1400-1600