01/01/2023: Planned Fourth Redenomination of Ariary
Madagascar announces plans for the fourth redenomination of the Ariary, aiming to simplify the currency system further.
23/03/2020: COVID-19 Pandemic Impact
The rand experienced significant volatility and depreciation as a result of the COVID-19 pandemic, affecting the country's economy and trade balance.
01/01/2017: Third Redenomination of Ariary
The Malagasy Ariary experiences its third redenomination, resulting in the currency being divided by 5, making 1 new Ariary equal to 5 old Ariary.
15/12/2008: Global Financial Crisis Impact
The rand plunged against major currencies due to the global financial crisis and concerns about South Africa's economic stability.
01/08/2003: Second Redenomination of Ariary
The Malagasy Ariary goes through its second redenomination, with 1 new Ariary equal to 5 old Ariary.
09/11/2001: Rand Weakens to Record Low
The rand weakened to an all-time low against the US dollar, due to global economic uncertainty and domestic political concerns.
01/01/1995: Establishment of Reserve Bank Independence
The South African Reserve Bank gained independence, allowing it to have more control over monetary policy.
27/04/1994: First Democratic Elections
The first democratic elections were held in South Africa, marking the end of apartheid and bringing political stability, positively affecting the rand's value.
16/12/1993: First Redenomination of Ariary
The Malagasy Ariary undergoes its first redenomination, replacing the currency at a ratio of 1 new Ariary to 5 old Ariary.
01/01/1983: Introduction of Malagasy Ariary
The Malagasy Ariary is introduced as the new official currency of Madagascar, replacing the Malagasy Franc.
01/08/1982: Currency Decimalization
The rand was decimalized, with 1 rand being equal to 100 cents.
26/06/1975: Independence of Madagascar
Madagascar declares independence from French colonial rule, leading to changes in the national currency.
14/09/1961: Introduction of the Rand
The South African rand was introduced as the official currency, replacing the South African pound.
26/06/1961: Introduction of Malagasy Franc
Malagasy Franc introduced as the official currency of Madagascar to replace the French Franc.