|Rate of exchange: (April 2006)||1 EUR = 2796 MGA|
Ariary is the name of the official currency in Madagascar. It replaced the past franc Malagasy on 1 January 2005. 1 Ariary is divided into 5 Iraimbilanja. Thus Madagascar is except Mauritania the only country, which deviates from the decimal system with the currency.
Reason for the introduction of the new currency is according to data of the Malagasy central bank the introduction of the euro, by which the franc used so far lost its right of existence. Before colonizing the country by France the Ariary was already once the term for the official currency. The people had anyway always re-used the name.
The old franc is exchanged still until 2009 by the central bank.
We found here 8 articles.
» Antarctic dollar
» Antilles gulden
» Argentine peso
» Aruba Florin
» Australian dollar
» Azerbaijan Manat