Madagascar – Banknotes

Madagascar banknotes include the post‑independence issues of the Malagasy ariary and the earlier Malagasy franc, reflecting the country’s economic, political and cultural development since 1960. The series feature endemic wildlife, natural landscapes, architectural heritage and cultural motifs that represent Malagasy identity, accompanying monetary reforms and periods of financial modernization. Due to their design variety, signatures, variants and the broader historical context of the Indian Ocean region, Malagasy banknotes are appreciated in global collecting and sought after by World Paper Money enthusiasts.