AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- MGF was the official ISO 4217 currency code for the Malagasy Franc.
- It served as Madagascar's national currency until it was replaced in 2005.
- The currency reflected the country’s post-colonial economic evolution.
The Madagascar Franc, denoted by the ISO 4217 currency code MGF, was once the official currency of the Republic of Madagascar. As a historical monetary unit, the Malagasy Franc played a significant role in shaping the country’s financial identity in the decades following its independence from France in 1960.
Introduced shortly after independence, the Madagascar Franc was initially pegged to the French Franc and was a symbol of economic autonomy for the island nation. It replaced the previously used CFA Franc, which had been the colonial currency under French rule. The Madagascar Franc was further divided into 100 centimes, and banknotes and coins were issued in various denominations to facilitate both everyday trade and governmental financial operations.
The use of MGF persisted throughout the latter half of the 20th century. However, by the early 2000s, Madagascar underwent significant economic reforms aimed at modernization and globalization. As a result, in 2005, the government introduced a new currency—the Malagasy Ariary (MGA)—which officially replaced the Franc. Notably, the Ariary was one of the few currencies in the world not divided into decimals, reflecting a return to traditional Malagasy counting systems.
The ISO 4217 currency code MGF was officially withdrawn from financial systems after the transition to the Ariary, marking the end of its international recognition. Today, MGF is no longer in circulation but remains a notable part of Madagascar’s economic history, symbolizing a period of financial transition and national identity.
Conclusion
The Madagascar Franc, known by the ISO code MGF, served as a pivotal economic symbol during the country’s post-independence years. Though now replaced by the Malagasy Ariary, it remains an important chapter in Madagascar’s monetary legacy.
