Malagasy Ariary

The Malagasy ariary is the currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating. The ariary was introduced in 2005, replacing the Malagasy franc at a rate of 1 ariary = 5 francs. The name ariary derives from the pre-colonial currency, with the ariary being worth 1⁄60 of a sulky. The ariary was introduced in 1961, replacing the franc at a rate of 1 ariary = 5 francs. The ariary is subdivided into 5 iraimbilanja (singular: iraimbilanja). In 1961, coins were introduced for 1, 2, 5, 10, 20, and 50 iraimbilanja, with coins for 1, 5, 10, 20, and 40 ariary following in 2005. 20- and 50-centime coins were introduced in 2008. In 1961, the Institut d’Emission Malgache (IEM) introduced notes for 20, 50, 100, 500, and 1000 francs. These were followed by notes for 1, 2, and 5 ariary in 2005. As of May 2015, the exchange rate was approximately 3700 ariary to 1 US dollar.