The ariary is an official currency of Madagascar with currency code MGA and symbol Ar. It is subdivided into 5 iraimbilanja. The name ariary and iraimbilanja are derived from pre-colonial currency, iraimbilanja from name of an old coin and ariary from a silver dollar. Madagascar ariary was introduced as national currency in 1961. The Malagasy franc along with ariary was also used in Madagascar. On 1st January 2005, the ariary replaced Malagasy franc and became sole national currency.
The coins of 1, 2 iraimbilanja and 5 ariary were introduced in 1966, while coins of 10 and 20 ariary in 1970. In 1961, banknote in denominations of 50, 100, 500, 1000 and 5000 were introduced by the Institut d’Émission Malgache (Malagasy Issuing Institute). On 12th June 1973, Central Bank of the Malagasy Republic was established to take over the function of Malagasy Issuing Institute, including the introduction on new banknotes. In 1974, the whole new series of banknotes were issued in same denomination as had been used earlier. In 2017, the Central Bank of Madagascar introduced whole new family of banknotes.
The Madagascar ariary banknotes and coins currently in circulation include:
Banknotes: 100, 200, 500, 1000, 2000, 5000, 10,000, 20,000 Ar
Coins: 1, 2 iraimbilanja; 1, 2, 4, 5, 10, 20, 50 Ar