Banque Centrale de Madagascar
| Headquarters | Antananarivo , Madagascar |
| founding | 1973 |
| country | Madagascar |
| currency | |
| ISO 4217 | FMG |
| Currency reserves | US $ 1.7 billion (October 2019) |
| Website | |
| List of central banks | |
The Banque Centrale de Madagascar (BCM) ( Malagasy : Banky Foiben'i Madagasikara) is the central bank of Madagascar. The head office of the bank is in Antananarivo . BCM's duties include issuing the ariary , maintaining currency stability, and managing the country's gold and foreign exchange reserves.
history
The Banque Centrale de Madagascar has its origins in the Banque de Madagascar , which issued the CFA franc for Madagascar and the Comoros as Madagascar's currency from 1925 . In 1945, after the Comoros territory was established, the Banque de Madagascar et des Comores (now Banque Centrale de Comores ) was established.
After Madagascar gained independence from France in 1960, Madagascar began issuing the Franc Malagasy (MGF) as the Comoros and Madagascar currencies were separated.
In 1973 Madagascar left the CFA Franc Zone and the Malagasy Franc was declared non-convertible by the authorities of the CFA Franc Zone Africa. Madagascar's coins and banknotes were then issued by the Madagascan Institut d'Émission until the Banque Centrale de Madagascar was founded in 1973. The Malagasy Ariary (MGA), issued by the Banque Centrale de Madagascar, has been the national currency since 2005.
See also
Individual evidence
- ^ Madagascar Foreign Exchange Reserves . www.theglobaleconomy.com. Accessed January 10, 2020 (English)