The Central Bank of Madagascar ( mg, Banky Foiben'i Madagasikara; french: Banque Centrale de Madagascar, BCM) is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

Madagascar Madagascar (; mg, Madagasikara, ), officially the Republic of Madagascar ( mg, Repoblikan'i Madagasikara, links=no, ; french: République de Madagascar), is an island country in the Indian Ocean, approximately off the coast of East 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

; and to maintain the national monetary reserves. The offices of the bank are located in

Antananarivo Antananarivo ( French: ''Tananarive'', ), also known by its colonial shorthand form Tana, is the capital and largest city of Madagascar. The administrative area of the city, known as Antananarivo-Renivohitra ("Antananarivo-Mother Hill" or "An ...

. The Central Bank of Madagascar is active in developing

financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

policy and is a member of the Alliance for Financial Inclusion.

History

The Banque Centrale de Madagascar has origins in the

Banque de Madagascar The Banque de Madagascar, from 1946 the Banque de Madagascar et des Comores, was a bank established by the French government in 1925 to issue currency and provide credit in French Madagascar. As such, it fulfilled many of the functions of a cent ...

, which issued the Madagascar-Comores CFA franc, beginning in 1925, as Madagascar's currency. In 1945, after the creation of Territory of Comoros, the

Banque de Madagascar et des Comores The Banque de Madagascar, from 1946 the Banque de Madagascar et des Comores, was a bank established by the French government in 1925 to issue currency and provide credit in French Madagascar. As such, it fulfilled many of the functions of a cent ...

was formed ; concurrent with the creation of many other African

franc The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (Style of the French sovereign, King of the Franks) used on early France, ...

currencies. After Madagascar's independence from

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

in 1960, Madagascar began issuing the Malagasy franc (MGF) again, as the currencies of the Comoros and Madagascar were separated. In 1973, Madagascar left the CFA franc zone and the Malagasy franc was declared inconvertible by the authorities of the Confederation Franc Africaine. Madagascar's

coins A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to ...

and

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes w ...

were then issued by Madagascar's Institut d'Émission Malgache until 1974 when the Banque Centrale de Madagascar was formed. Since 2005, the

Malagasy ariary The ariary ( sign: Ar; ISO 4217 code MGA) is the currency of Madagascar. It is notionally subdivided into 5 '' iraimbilanja'' and is one of only two non-decimal currencies currently circulating (the other is the '' Mauritanian ouguiya''). The nam ...

(MGA), issued by the Banque Centrale de Madagascar, has been the country's currency.

Operations

The bank maintains departments of

microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...

and of economic research. The BCM reports to the government agency: Commission de Supervision Bancaire et Financière. The bank maintains 2 branches and 8 agency offices: Branches: *

Toamasina Toamasina (), meaning "like salt" or "salty", unofficially and in French Tamatave, is the capital of the Atsinanana region on the east coast of Madagascar on the Indian Ocean. The city is the chief seaport of the country, situated northeast of it ...

TMS * Fianarantsoa FIA Agency Offices: *

Antsiranana Antsiranana ( mg, Antsiran̈ana ), named Diego-Suárez prior to 1975, is a city in the far north of Madagascar. Antsiranana is the capital of Diana Region. It had an estimated population of 115,015 in 2013. History The bay and city originally u ...

ATS *

Nosy Be Nosy Be (formerly Nossi-bé and Nosse Be) is an island off the northwest coast of Madagascar. Nosy Be is Madagascar's largest and busiest tourist resort. It has an area of , and its population was 109,465 according to the provisional results of t ...

NSB * Mahajanga MGA *

Sambava Sambava is a city and commune (commune urbaine; mg, kaominina) at the east coast of northern Madagascar. It is the capital of Sambava District and Sava Region. The population of the commune was 84,039 in as of the 2018 commune census. Infrast ...

SBV *

Manakara Manakara is a city in Madagascar. It is the capital Fitovinany Region and of the district of Manakara Atsimo. The city is located at the east coast near the mouth of the Manakara River and has a small port. The bridge over the Manakara River t ...

MKR *

Tolagnaro Fort-Dauphin (Malagasy Tolagnaro or Taolagnaro) is a city (''commune urbaine'') on the southeast coast of Madagascar. It is the capital of the Anosy Region and of the Taolagnaro District. It has been a port of local importance since the early 1500 ...

FTD *

Morondava Morondava (, from mg, morona lava "long coast") 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 . Its population as of the 2018 census, was 53,510. Population T ...

MDV *

Toliary Toliara (also known as ''Toliary'', ; formerly ''Tuléar'') is a city in Madagascar. It is the capital of the Atsimo-Andrefana region, located 936 km southwest of national capital Antananarivo. The current spelling of the name was adopted ...

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 *2007-2012 : Frédéric Rasamoely *2012-2013 : Guy Ratovondrahona (acting) *2013-2014 : Vonimanitra Razafimbelo (acting) *2014-2019 : Alain Rasolofondraibe *since 2019 : Henri Rabarijohn

References

External links

*
Official site of Banque Centrale de Madagascar

BCM Organizational Chart

Banks of Madagascar Economy of Madagascar Companies based in Antananarivo Banks established in 1974 1974 establishments in Madagascar {{Africa-bank-stub

History

Operations

List of governors

See also

References

External links