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The denomination in ariary was written only in words, not numerals. On 12 June 1973, the Banky Foiben’ny Repoblika Malagasy (Central Bank of the Malagasy Republic) was created by Ordinance No. 73-025, taking over the functions of the Institut d’Émission Malgache, including the issuance of banknotes. [5]
The Central Bank of Madagascar (Malagasy: Banky Foiben'i Madagasikara, BFM) is the central bank of Madagascar. The bank's mission is to, in collaboration with the general government, and in observation of the laws of finance, to maintain the general political economy of Madagascar ; and to maintain the national monetary reserves.
Denominations were given both in francs and ariary, with 5 francs = 1 ariary. Madagascar left the CFA franc zone in 1972 and the Malagasy franc was declared inconvertible. Banknotes were issued by the Institut d'Émission Malgache until 1974 when the Banque Centrale de Madagascar (Central Bank of Madagascar) took over that function.
AccèsBanque Madagascar (ABM) Baobab Banque Madagascar; Bank of Africa Madagascar (BOA), part of Bank of Africa Group; BGFI Bank Madagascar, part of BGFIBank Group; Banque Malgache de l'Océan Indien (BMOI), part of BCP Group; BNI Madagascar Caisse d’Epargne de Madagascar; MCB Madagascar, part of Mauritius Commercial Bank Group
The old Malagasy franc is equal in value to one iraimbilanja. As of 1 January 2023 the value of one iraimbilanja is US$ 0.000044 / ¢ 0.0044. [ citation needed ]
The Malagasy language, of Austronesian origin, is generally spoken throughout the island. The official languages of Madagascar are Malagasy and French.As a member of the Organisation internationale de la Francophonie, Madagascar is a Francophone country, and in 2024, French is spoken by around a quarter of the population in Madagascar, i.e. 8,5 million people out of 32 million (26.59%).
The Banque de Madagascar, from 1946 the Banque de Madagascar et des Comores, was a bank established by the French government in 1925 to issue currency and provide credit in French Madagascar. As such, it fulfilled many of the functions of a central bank for the colony.
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