MONEY AND CREDIT CARDS

BANK – CREDIT CARD – CURRENCY

After quitting the franc Zone in the 70’s, Madagascar created the malagasy franc (mgf), which until recently has remained effective after several historical devaluations. Since 1st January 2005, the country has chosen to shift back to its traditional currency, the Ariary (MGA – the Malagasy Ariary), which is worth 5 fmg. Euro and dollars are the most used foreign currencies in Madagascar. The malagasy currency is not convertible, so it is best to change according to one’s needs at banks, in foreign exchange offices and in a few authorized hotels. The bank sector is now fully liberalized. The network comprises 7 commercial banks which number 105 agencies nationwide. They have non stop opening hours monday through friday (except on days before public holidays when they close all operations by the end of the morning). Automatic cash dispensers are available to anyone having international credit cards. Visa card is the most generally accepted credit card. Others, such as master card, diner’s and american express, are not very much used. Travellers’ checks are of better use in tourism activities than in everyday shopping.

Best exchange rate in Antananarivo than in the rest of the country.
Check your exchange rates at www.boa.mg

Only few shops and hotels in the major city accept Credit Card. The most used is the Visa. Only the Bank of Africa (BOA) accept Master Card.

Currency: Euro has the best exchange rate and then US Dollars.