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Money
Currency: Malagasy Franc (Mgfr) = 100 centimes. Notes are in denominations of Mgfr25,000, 10,000, 5000, 2500 and 1000. Coins are in denominations of Mgfr250, 100, 50, 25, 20, 10, 5, 2 and 1.
Currency exchange: Malagasy Francs can be bought only at banks and official bureaux de change in hotels and at the airport in Antananarivo. Hotels have a less favourable exchange rate. A few ATMs have now been installed in Antananarivo.
Credit & debit cards: Visa, American Express, MasterCard and Diners Club are accepted at the capital’s Colbert and Hilton hotels. These and other cards have limited use elsewhere in the country. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.
Travellers cheques: These can be exchanged in banks and major hotels. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in US Dollars or Euros.
Currency restrictions: The import of local currency is limited to Mgfr5000. The export of local currency is prohibited to non-residents. The import and export of foreign currency is unlimited, subject to declaration.
Exchange rate indicators
The following figures are included as a guide to the movements of the Malagasy Franc against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 9589.03 | 10144.40 | 10215.8 | 9426.12 | | $1.00= | 6580.00 | 6670.00 | 6460.00 | 5920.00 |
Banking hours: Mon-Fri 0800-1500.
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
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