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The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary (from the Spanish word "real") being the name for a silver dollar. Iraimbilanja means literally "one iron weight" and was the name of an old coin worth 1 ⁄ 5 of an ariary. However, as of May 2023, the unit is effectively obsolete since the iraimbilanja has ...
The franc (ISO 4217 code MGF) was the currency of Madagascar until 1 January 2005. It was subdivided into 100 centimes. In Malagasy the corresponding term for the franc is iraimbilanja, and five Malagasy francs is called ariary.
Madagascar's coins and banknotes were then issued by Madagascar's Institut d'Émission Malgache until 1974 when the Banque Centrale de Madagascar was formed. Since 2005, the Malagasy ariary (MGA), issued by the Banque Centrale de Madagascar, has been the country's currency.
Today, only two countries have non-decimal currencies: Mauritania, where 1 ouguiya = 5 khoums, and Madagascar, where 1 ariary = 5 iraimbilanja. [1] However, these are only theoretically non-decimal, as in both cases the value of each sub-unit is too small to be of any practical use and coins of sub-unit denominations are no longer used.
The iraimbilanja (singular and plural) is the divisory currency unit of Madagascar, [1] ... one iron weight" and was the name of an old coin worth 1 ⁄ 5 of an ariary.
Madagascar: Malagasy ariary: Ar ... Currency includes paper, cotton, or polymer banknotes and metal coins. States generally have a monopoly on the issuing of currency ...
Inflation has been a constant for multiple decades. The Federal Reserve regularly prints new money, and the government regularly spends it, resulting in a continuous inflationary cycle. Inflation ...
In theory, two countries currently use non-decimal currency: Mauritania (1 ouguiya = 5 khoums) and Madagascar (1 ariary = 5 iraimbilanja). In practice, however, the value of the main unit in each case is so low (less than 1/1000 of a United States dollar) that the sub-unit is not of any practical use and is rarely seen in circulation.