Timeline

• around 1800
• Establishment of a payment system based on the Spanish Dollar (8 Reales in silver), referred to as Ariary (Riyal):
  - For small payments the Spanish silver coins were chopped up and traded for weight, accounting was done in Ariary, Sikaji = ⅛ Ariary, Eranambatry = ¹⁄₇₂ Ariary and Variraiventy = ¹⁄₇₂₀ Ariary
  - A standardized set of scales had to be used that contained 5 weight stones: 2x "Loso" = ½ Ariary), 1x "Kirobo" = ¼ Ariary, 1x "Sikaji" = ⅛ Ariary, 1x "Roavoamena" = ¹⁄₁₂ Ariary.
• ??.??.1828
• Royal ordinance [No. 5, "Code de Ranavalona I"], criminalizes the forgery of the chopped silver
• ??.09.1868
• Royal ordinance [No. 12, "Code des 101 articles de Ranavalona II"], criminalizes the forgery of foreign gold and silver coins
• 29.03.1881
• Royal ordinance [No. 162, "Code des 303 articles de Ranavalona III"], declares seven foreign silver coins as equal to the Ariary: 3 types of Spanish colonial 8 Real, 3 types of French 5 Francs, Latin Monetary Union 5 Francs.
• 22.12.1890
• Government ordinance on the introduction of minted coins instead of the chopped silver:
  - Silver: "Loso" = ½ Ariary, "Kirobo" = ¼ Ariary, "Sikaji" = ⅛ Ariary
  - Nickel: "Voamena" = ¹⁄₂₄ Ariary
  - Bronze: "Ilavoamena" =¹⁄₄₈ Ariary, "Pitoventy" = ¹⁄₉₆ Ariary, "Variraiventy" = ¹⁄₇₂₀ Ariary.
  - Only the "Kirobo" = ¼ Ariary was minted in 1894 (dated 1888) for trial but not put into circulation.
• 12.01.1900
• Ordinance of the French governor on the introduction of the French currency and accounting; effective 26.06.1900:
  - Accounting: 1 French Franc = 1 Sikajy 5 Eranambatry 4 Variraiventy
  - Coins: Spanish Dollar = 30 grams chopped silver = 5 French Francs
• 12.09.1916
• Issuance of emergency subsidiary money made of stamps on cardboard; demonetized after 1922

Timeline

• 22.12.1925
• Law on the establishment of the Bank of Madagascar as colonial bank (based on an agreement between the French government and the commercial bank "Banque de Paris et des Pays-Bas", signed on 01.07.1925); effective upon constitution of the bank on ??.04.1926
• ??.??.1937
• Start of issuance of distinct paper money by the Bank of Madagascar
• 10.08.1943
• Ordinance on the issuance of subsidiary coins of 1 Franc, 50 Cents in Madagascan currency by the French government-in-exile; effective immediately (?)

Valuation Regimes

• 1937-1941
• Identical to the French Franc (1795), the convertibility of the Madagascan paper money was limited
• 1941-1945
• Fixed rate against British Pound (the African colonies decoupled from the monetary system of occupied mainland France)

Timeline

• 25.12.1945
• Ordinance [No. 45-0135] on the creation of two currencies for the French colonies in Africa and the Pacific; effective immediately
• 25.12.1945
• Ordinance [No. 45-0136] on the rating of the two colonial currencies against the French Franc; effective immediately
• 30.12.1948
• Ordinance [No. 48-2001] on the issuance of subsidiary coins for the Madagascan CFA-Franc; effective immediately
• 29.03.1950
• Law [No. 50-375] on the nationalization of the Bank of Madagascar; effective immediately
• 16.11.1950
• Ordinance [No. 50-1425] on the name change from "Bank of Madagascar" into "Bank of Madagascar and the Comoros"; effective 01.01.1951
• 14.03.1950
• Start of issuance of paper money for the Madagascan CFA-Franc by the Bank of Madagascar (and the Comoros)

Valuation Regimes

• 1945-1948
• Fixed rate against French Franc (1795)
• 1948-1949
• Fixed rate against British Pound
• 1949-1958
• Fixed rate against French Franc (1795)
• 1958-1963
• Fixed rate against French Franc (1958)

Timeline

• 10.03.1962
• Ordinance on the establishment of the Currency Institute of the Malagasy Republic; effective 01.04.1960
• 30.06.1963
• Law [No. 69-397bis] on the transfer of the monetary authority after independence; effective immediately
• 01.07.1963
• Start of currency exchange:
  - 01.07.1963: Start of issuance of overprinted banknotes of the Bank of Madagascar and the Comoros
  - 31.12.1963: Demonetization of the paper money without overprint.
• 12.06.1973
• Ordinance [No. 73-025] on the transformation of the currency institute into the Central Bank of the Malagasy Republic; effective 01.07.1973
• 10.06.1994
• Ordinance [No. 94-004], revises the central bank legislation and changes the bank's name into "Central Bank of Madagascar"; effective immediately

Valuation Regimes

• 1958-1963
• Fixed rate against French Franc (1958)
• 1982-
• Variable rate

Timeline

• 08.07.2003
• Law [No. 2003-004] on the change of accounting unit (by modifying the central bank law of 1994); effective 31.07.2003 (banknotes and coins) and 01.01.2005 (accounting)
• 31.07.2003
• Start of currency exchange:
  - 31.07.2003: Start of issuance of the new banknotes and coins
  - 31.12.2004: Demonetization of the former currency
  - 01.01.2005: Switch-over of the accounting system.

Valuation Regimes

• 2005-
• Variable rate