Malagasy Ariary is the basic unit of currency of Madagascar. The currency ISO code of Malagasy Ariary is MGF. Malagasy Ariary has a floating exchange rate since May 9th, 1994.
On May 13, 2003, the Malagasy president announced that the Malagasy Franc would be progressively abandoned to use over again the traditional Ariary, which is equivalent to 5 Malagasy Franc. The monetary reform will need a quite long transitional period, but also a period of adaptation.
Since August 3, 2002, the interbank market of currencies is once again operational after being closed since January 25, 2002. During this period, because of a lack of quotations, the following indicative rates had been given: EUR 1 = MGF 6114 ; USD 1 = MGR 7012.67 .