Central Banking

Madagascar launches new currency

The Madagascan franc will be replaced by the launch of a new currency. The reference to the franc "lost its raison d'etre since the arrival of the euro", a central bank official said.

Source: AFP

Madagascar has launched a new currency, the ariary, to replace the outmoded Madagascan franc.

The reference to the franc "lost its raison d'etre since the arrival of the euro", a central bank official said.

The new currency's smallest paper denomination of 500 ariaries is worth about 19 euro cents (21

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