Central Bank of Madagascar
Encyclopedia
The Central Bank of Madagascar 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.http://www.banque-centrale.mg/ offices of the bank are located in Antananarivo
.
(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.
and of economic research
.
The BCM reports to the government agency: Commission de Supervision Bancaire et Financaire
.
The bank maintains 2 branches:
...and 8 agency offices:
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Madagascar
Madagascar
The Republic of Madagascar is an island country located in the Indian Ocean off the southeastern coast of Africa...
.
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
Madagascar
The Republic of Madagascar is an island country located in the Indian Ocean off the southeastern coast of Africa...
; and to maintain the national monetary reserves.http://www.banque-centrale.mg/ offices of the bank are located in Antananarivo
Antananarivo
Antananarivo , formerly Tananarive , is the capital and largest city in Madagascar. It is also known by its French colonial shorthand form Tana....
.
History
The Banque Centrale de Madagascar has origins in the Banque de Madagascar, which issued the Malagasy francMalagasy franc
The franc was the currency of Madagascar until January 1, 2005. It was subdivided into 100 centimes.-History:The first francs to circulate in Madagascar were French francs...
(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
Comoros
The Comoros , officially the Union of the Comoros is an archipelago island nation in the Indian Ocean, located off the eastern coast of Africa, on the northern end of the Mozambique Channel, between northeastern Mozambique and northwestern Madagascar...
in the form of the Madagascar-Comores CFA franc (XMCF); concurrent with the creation of many other African franc
Franc
The franc is the name of several currency units, most notably the Swiss franc, still a major world currency today due to the prominence of Swiss financial institutions and the former currency of France, the French franc until the Euro was adopted in 1999...
currencies.
After Madagascar's independence from France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan 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
CFA franc
The CFA franc is the name of two currencies used in Africa which are guaranteed by the French treasury. The two CFA franc currencies are the West African CFA franc and the Central African CFA franc...
and the Malagasy franc was declared inconvertible by the authorities of the Confederation Franc Africaine
CFA
-Science and technology:* Cfa is one of two symbols for the Humid subtropical climate under the Köppen climate classification system* cfa is the file extension for an Adobe Premiere Pro audio file...
. Madagascar's coins
COinS
ContextObjects in Spans, commonly abbreviated COinS, is a method to embed bibliographic metadata in the HTML code of web pages. This allows bibliographic software to publish machine-readable bibliographic items and client reference management software to retrieve bibliographic metadata. The...
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
Malagasy ariary
The ariary is the currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating . The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary being the name for a silver dollar...
(MGA), issued by the Banque Centrale de Madagascar, has been the country's currency.
Operations
The bank maintains departments of microfinanceMicrofinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
and of economic research
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
.
The BCM reports to the government agency: Commission de Supervision Bancaire et Financaire
Commission de Supervision Bancaire et Financaire
The Commission de Supervision Bancaire et Financaire , or Commission for the Supervision of Banking and Finance, is a Madagascar government agency that is responsible for directing the course of affairs of banking and finance in Madagascar....
.
The bank maintains 2 branches:
- ToamasinaToamasinaToamasina , meaning "like salt" or "salty", unofficially and in French also Tamatave, is a city on the east coast of Madagascar on the Indian Ocean. The city is the chief seaport of the country, situated northeast of its capital and biggest city Antananarivo, near the centre of the eastern coast...
TMS - FianarantsoaFianarantsoaFianarantsoa is a city in south central Madagascar.Fianarantsoa is the capital of Haute Matsiatra Region. It was built in the early 19th century by the Merina as the administrative capital for the newly conquered Betsileo kingdoms....
FIA
...and 8 agency offices:
- AntsirananaAntsirananaAntsiranana , named Diego-Suarez prior to 1975, is a city at the northern tip of Madagascar.Antsiranana is the capital of Diana Region.-Transports:...
ATS - Nosy BeNosy BeNosy Be is an island located off the northwest coast of Madagascar. Nosy Be is Madagascar's largest and busiest tourist resort. It has an area of 312 km2 and its population was officially estimated at 36,636 in 2001....
NSB - MahajangaMahajangaMahajanga is a city and a district on the north-west coast of Madagascar.- City :The City of Mahajanga is the capital of the Boeny region. Population: 135,660 ....
MGA - SambavaSambavaSambava is a city and commune at the east coast of northern Madagascar. It is the capital of Sambava District and Sava Region. The population of the commune was estimated to be approximately 40,000 in 2001 commune census....
SBV - ManakaraManakaraManakara is a city in Madagascar.It is the capital of Vatovavy-Fitovinany Region.The city is located at the east coast and has a small port. It is the endpoint of the Fianarantsoa-Côte Est railway , which connects the city of Fianarantsoa with the sea. For those interested in traveling to Manakara...
MKR - Tolagnaro FTD
- MorondavaMorondavaMorondava is a city located in Menabe Region, of which it is the capital, in Madagascar. It is located in the delta of the Morandava River at .-Communication:...
MDV - Toliary TUL
List of governors
- 1973-1983 : Leon Maxime Rajaobelina
- 1984-1988 : Richard Randriamaholy
- 1988-1993 : Blandin Razafimanjato
- 1993-1994 : Raoul Joëlson Ravelomanana
- 1996-2007 : Gaston Edouard Ravelojaona
- 29 Jan 2007 - : Frédéric Rasamoely
See also
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Economy of MadagascarEconomy of Madagascar-Agriculture:Agriculture, including fishing and forestry, is the mainstay of the Madagascar economy and the country has a great potential for growth in the sector. In 2009, agriculture accounted for 24 percent of Gross Domestic Product , while commerce and services accounted for 55 percent...
- List of central banks
- Malagasy ariaryMalagasy ariaryThe ariary is the currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating . The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary being the name for a silver dollar...
, the unit of currency from 2005 - Malagasy francMalagasy francThe franc was the currency of Madagascar until January 1, 2005. It was subdivided into 100 centimes.-History:The first francs to circulate in Madagascar were French francs...
former currency - Madagascar-Comores CFA franc former currency