Central Bank of Madagascar

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The Central Bank of Madagascar (Malagasy: Banky Foiben'i Madagasikara; French: Banque Centrale de Madagascar, BCM) is the central bank of Madagascar.

The bank's mission is to, in collaboration with the general government, and in observation of the laws of finance, to maintain the general political economy of Madagascar; and to maintain the national monetary reserves.[1]

The offices of the bank are located in Antananarivo.

1 History
2 Operations
3 List of governors
4 See also
5 External links

[edit] History

The Banque Centrale de Madagascar has origins in the Banque de Madagascar, which issued the Malagasy franc (MGF), beginning in 1925, as Madagascar's currency. In 1945 the Banque de Madagascar et des Comores was formed and the currency became united with that of the Comoros in the form of the Madagascar-Comores CFA franc (XMCF); concurrent with the creation of many other African franc currencies.

After Madagascar's independence from France in 1960, Madagascar began issuing the Malagasy franc (MGF) again, as the currencies of the Comoros and Madascar were separated.

In 1963, Madagascar left the CFA franc zone and the Malagasy franc was declared inconvertible by the authorities of the Confederation Franc Africaine. Madagascar's coins and banknotes were then issued by Madagascar's Institut d'Émission Malgache until 1974 when the Banque Centrale de Madagascar was formed. And, since 2005, the Malagasy ariary (MGA), issued by the Banque Centrale de Madagascar, has been the country's currency.