| Malagasy Ariary |
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One of only two circulating currencies in the world with division units not based on a power of ten, each ''ariary'' comprises five ''iraimbilanja''. (The other non-decimal currency is the Mauritania n Ouguiya .) The names ''Ariary'' and ''iraimbilanja'' derive from the pre-colonial currency. Iraimbilanja means literally "one iron weight", and was the name of an old coin worth 1/5 of the ariary. The ariary replaced the previous currency, the Malagasy Franc (also known as by its French name, the ''franc malgache'') (ISO 4217 MGF), on January 1 , 2005 . One Malagasy franc was valued at 0.2 ariarys; that is, one iraimbilanja. Coin s and Banknote s had been denominated in both the official francs and the semi-official ariary and iraimbilanja since the ''franc malgache'' was introduced. Previously, the franc denomination was most prominent. On banknotes issued since July 31 , 2003 , the ariary denomination is displayed prominently, and the franc denomination in small print. The coins have not been replaced. As of March 11 , 2006 there were 2,207.89 ariary to the US Dollar or 2,628.63 ariary to the Euro . DENOMINATIONS Coins in circulation Banknotes in circulation EXTERNAL LINKS |
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