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    Currency in Madagascar

    A practical currency and money guide to travel, living and doing business in Madagascar and the Malagasy ariary (MGA).


    What currency is used in Madagascar?

    The official currency of Madagascar (country code: MG) is the Malagasy ariary, with symbol Ar and currency code MGA.

    Things to know about the Malagasy ariary

    The Malagasy ariary (MGA) is the official currency of Madagascar, an island nation located off the coast of East Africa. Here are a few things to know about the Malagasy ariary:

    1. The Malagasy ariary is abbreviated as MGA and is divided into 5 iraimbilanja.
    2. The Central Bank of Madagascar is responsible for issuing and regulating the Malagasy ariary.
    3. The exchange rate for the Malagasy ariary is determined by supply and demand in the foreign exchange market.
    4. Madagascar has a largely agricultural economy, with a significant portion of the population engaged in farming and livestock production. The country is also a major producer of vanilla and has a growing tourism industry.
    5. The value of the Malagasy ariary has been relatively stable in recent years, but the currency has faced challenges due to economic challenges such as high inflation and a large trade deficit. In addition, Madagascar has faced political instability and conflict, which have also had an impact on the value of the Malagasy ariary.

    Travel Ideas and Money Tips for Madagascar

    Madagascar is unique: 5% of all known animal and plant species can be found here, and here alone. The island's signature animal is the lemur of course, but there are many more weird and wonderful creatures. Trees and plants are just as impressive, be they the distinctively shaped baobabs, the fanning ravinala (travellers' palm), the hundreds of orchids or the spiny forests of the desert south.

    The remarkable fauna and flora is matched by epic landscapes of an incredible diversity: you can go from rainforest to desert in just 300km. Few places on Earth offer such an intense kaleidoscope of nature.

    A Lemur.

    What currency to use in Madagascar?

    The local currency in Madagascar is Malagasy Ariary. There are money changing facilities (forex bureaux & bank kiosks) available at the major banks in Antananarivo or at the airport on your arrival. You will be able to change money at most main towns and cities. The most accepted foreign currency is the Euro, although the US Dollar is also accepted. There are ATM machines available in the major towns and the most widely accepted card is Visa. All ATMs will only dispense Ariary. There are very few places where credit cards can be used so only use it as an absolute emergency.

    How to get around Madagascar?

    Flying within Madagascar can be a huge time saver, considering the distances and state of the roads. Unfortunately most domestic routes are between Tana and the provinces, with few direct routes between provinces. Internal flights are also notoriously unreliable; you are therefore strongly advised to leave plenty of time if you need to catch an onward flight. Tickets are expensive (upwards of €200 for a one-way ticket), but generally exchangeable. You can pay for tickets by credit card or in ariary, euros or US dollars at the head office in Antananarivo and Air Madagascar offices in larger towns. Smaller offices may only accept ariary or euros, however.


    In parts of Madagascar, notably the northeast and southwest coasts and Canal des Pangalanes, cargo boats (sometimes called boutres) are the primary means of transport. Cargo boats have no schedules and leave with the tides. There are no amenities, so passengers travel on deck, where they are exposed to the elements. Capsizing occurs regularly, so don’t get in if the seas are rough, or if the boat is overcrowded.

    In Madagascar the road-transport system is such that most rental cars come with a mandatory driver, making the choice of both a critical decision in your travel planning. Go through an agency, your hotel or a word-of-mouth recommendation. Either way, it is essential you shop around. Talk to the driver ahead of time. Make sure you speak a common language and that the driver has experience in your region. If you’re not hiring through a reputable agency, take a look at the car, particularly if you are going on a long journey. See how well the driver takes care of it.

    Travel tips for Madagascar.

    The tourist season startS in April and goes until the end of November. The Whale season around Saint Marie is mid June to mid September, a great time if you have never seen these big mammals in action. June to August is Malagasy winter and it can be chilly on the highlands, but nicely warm towards the coasts and dry. The greatest variety of scenery you will encounter is if you travel from Antananarivo to Tulear. Also called the South route or the National Road Nr7.

    Madagascar is very cheap to visit and most travellers will find that their money goes much further than they had expected. A simple double room in a guesthouse usually comes in at around USD $10-15, while a more upmarket hotel will cost about USD $20-30.Food can be found for as little as USD$1 and a full meal with a beer won't set you back more than about USD $5-7 depending on how much you eat..Tap water is never safe to drink in Madagascar and visitors to the country should stick solely to bottled mineral water or boiled/purified water if bottled water is not available. Avoid ice in your drinks as this may have been made with unhygienic water.



    Expat Money & Business Guide to Madagascar


    Managing your finances in Madagascar

    Here we list some key points for expats and businesses to consider when managing financial dealings in Madagascar:

    1. Understand Malagasy ariary currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MGA exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.

    2. Use a local Malagasy ariary bank account: A local MGA bank account can make it easier for you to manage your finances and pay bills while you are in Madagascar. It may also be more convenient to use a local MGA bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Madagascar. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in Madagascar. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in Madagascar, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.


    USD/MGA – Market Data

    The exchange rate of Malagasy ariary (MGA), or the amount of MGA that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/MGA rate plus recent trend, chart, and historic rates.

    1 USD = 4319.3 MGA
    Sell USD  →  Buy MGA
    USD to MGA at 4319 is just 0.5% below its 3-month average of 4341, having fluctuated within a 7.3% range of 4238-4546
    USDMGA :

    15 Mar 2023
    0.6% 2 Week
    29 Dec 2022
    3.2% 3 Month
    29 Mar 2022
    7.4% 1 Year
    30 Mar 2018
    34.3% 5 Year
    31 Mar 2013
    92.6% 10 Year
    USD/MGA historic rates & change to 29-Mar-2023


    Compare Malagasy ariary Exchange Rates & Fees

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Madagascar or planning a trip or maybe living there, so will need to exchange and spend Malagasy ariary.

    Loading comparison rates...

    ProviderAmountsRateTotal Cost

    It is important to note that the exchange rate of the Malagasy ariary can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect MGA exchange rates before making any financial decisions.





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