Malagasy Ariary

The Malagasy ariary is one of only two non-decimal currencies in the world, reintroduced in 2005 to restore indigenous monetary tradition.

Quick Facts

Country: Madagascar

Code: MGA

Symbol: Ar

System: Non-decimal (1 Ariary = 5 Iraimbilanja)

Status: In circulation

Issuer: Central Bank of Madagascar

The Story of the Malagasy Ariary

Replacing the Malagasy franc, the ariary operates on a 1:5 non-decimal system. For over a decade, banknotes featured dual-denomination markings in both ariary and francs to ease the transition. In 2017, Madagascar released a new series that elevated the currency into a global showcase for biodiversity, removing the legacy franc references and focusing on high-security polymer and paper technology.

Design & Symbolism

The 2017 series by Oberthur Fiduciaire is anchored in Madagascar's endemic wildlife, featuring lemurs, chameleons and baobabs. Technically, the notes incorporate SPARK Live elements and denomination-based sizing. The visual narrative combines naturalistic accuracy with cultural motifs, transforming the banknotes into an ecological map of the island nation.

For collectors

For collectors, the ariary is a "mathematical rarity" due to its non-decimal structure. High-grade UNC examples from the early 2000s are scarce due to the humid tropical climate and heavy circulation wear. Dual-denomination issues are especially interesting as transitional relics. The 2017 series is prized for its vivid coloration and naturalistic wildlife themes, making it a standout in African numismatics.

The Malagasy ariary remains in circulation, reflecting a unique non-decimal system and endemic environmental imagery.

Explore the Malagasy Ariary Banknotes Collection