The Central Bank of Madagascar has officially opened the celebration of the 100th anniversary of Malagasy banknotes, with the launch held on April 25, 2026. Alongside the commemoration, it released a historical publication that traces the development of Madagascar’s monetary system from premodern exchange practices to the emergence of banknote issuance and later monetary institutions. The accompanying review follows the transition from barter and silver coin-based monetary signs to the introduction of French currency after the 1896 annexation, the wartime spread of paper money, and the creation of the Banque de Madagascar in 1925 with banknote-issuing powers. It also covers the 1950 transformation into the Banque de Madagascar et des Comores, the 1960 monetary cooperation agreement with France, the creation of the Institut d’Emission Malgache in 1962, the introduction of the Malagasy franc, and the 1973 establishment of the Banque Centrale de la République Malgache, which took over note and coin issuance and foreign reserve management.
Central Bank of Madagascar2026-04-29
Central Bank of Madagascar launches centenary of Malagasy banknotes and publishes historical review of the currency system
The Central Bank of Madagascar has launched the centenary celebration of Malagasy banknotes. It also published a historical review covering the evolution of Madagascar’s monetary system from barter and coinage to colonial-era banknotes, the Institut d’Emission Malgache and the creation of the central bank in 1973.