What is the currency and exchange rate in Madagascar?
The Malagasy currency is the Ariary (MGA). The approximate exchange rate is 1 euro = 3,800 MGA. Note: in markets, prices are often quoted in Malagasy francs (divide by 5 to get the price in Ariary).
The official currency
Madagascar uses the Ariary (MGA) as its national currency since 2005. One Ariary is divided into 5 iraimbilanja, although these subdivisions are no longer commonly used.
Indicative exchange rate
The exchange rate fluctuates regularly. As a guide:
- 1 euro = approximately 3800 MGA
- 1 US dollar = approximately 3500 MGA
These rates vary according to market fluctuations. Check current rates before your departure.
Pitfall to avoid in markets
Many Malagasy merchants still announce their prices in Malagasy francs (old currency). To convert to Ariary, simply divide by 5. Example: 15,000 francs = 3,000 Ariary.
Advice from our local agency
Bring euros in cash and exchange them on-site at official banks or exchange offices to get better rates than at the airport.