Ariary
The Ariary is the official currency of Madagascar, abbreviated as MGA. 1.History The history of the ariary can be traced back to the early 19th century a) Origins: The term "ariary" is derived from the Malagasy word for "money." Before the introduction of the ariary, different forms of currency were used in Madagascar, including cowry shells and Spanish coins. b) 1818: The first official introduction of the ariary occurred when King Radama I established a new monetary system. The original currency was based on the decimal system, with 1 ariary subdivided into 5 iraimbilanja. c) 1875: The French colonization of Madagascar led to the standardization of the currency. The French introduced their own currency, the French franc, which coexisted with the ariary. d) 1925: The ariary was officially reintroduced as the main currency, pegged to the French franc. e) Post-Independence: After Madagascar gained independence from France in 1960, the Ariary was redefined and beca...