Madagascar, the island nation off the southeast coast of Africa, is
completely revamping its currency series in two stages.
The nation’s central bank, Banky Foiben’i Madagasikara, issuef new
20,000-, 10,000-, 5,000-, and 2,000-ariary notes on July 17. The
smaller denominations of 1,000-, 500-, 200-, and 100-ariary notes are
then scheduled for release Sept. 18. (At current conversion rates,
3,000 ariary are the equivalent of $1.)
The 20,000-ariary denomination will become the largest note in
circulation in Madagascar. The other notes replace those of the same
denominations first issued in 2003 and 2004. The new series will
maintain the “Madagascar and its Riches” theme of the predecessor
series, calling attention to the nation’s economic activities,
biodiversity, culture and tourism.
fallout from the Enhanced Uncirculated Coin set release:
Another column in the August 21 weekly issue of Coin World re-veals
that while forms of numismatic literature like fixed-price lists
were meant to be fleeting, they can actually be quite useful.
The bank said in a statement that “the renewal of existing
banknotes that have been in circulation for more than a decade is in
line with international practice.” The bank also wants to “pre-empt
the development of counterfeiting by providing the newest banknotes
with the best and most reliable security features to easily verify
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The ariary is divided into five iraimbilanja, making it one of only
two nondecimal currencies still in existence. The other is the ouguiya
of Mauretania, which is equal to five khoums.