The Central Bank of Madagascar (, BFM) is the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

Madagascar Madagascar, officially the Republic of Madagascar, is an island country that includes the island of Madagascar and numerous smaller peripheral islands. Lying off the southeastern coast of Africa, it is the world's List of islands by area, f ...

. 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 (Malagasy language, Malagasy: ; French language, French: ''Tananarive'', ), also known by its colonial shorthand form Tana (), is the Capital city, capital and largest city of Madagascar. The administrative area of the city, known ...

. The Central Bank of Madagascar is active in developing

financial inclusion Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which ...

policy and is a member of the

Alliance for Financial Inclusion The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulatory in developing countries with the objective of advancing financial inclusion. As of February 2025, AFI had 9 ...

History

The Banque Centrale de Madagascar has origins in the Banque de Madagascar, 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 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'' (King of the Franks) used on early French coins and until the 18th century ...

currencies. After Madagascar's independence from

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

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 CFA franc (, ) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for , i.e. "African Financial Community" in English), used in eight West African ...

and the Malagasy franc was declared inconvertible by the authorities of the Confederation Franc Africaine. Madagascar's

coins A coin is a small object, usually round and flat, 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 facilitate trade. They are most often issued by ...

and

banknotes A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commer ...

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 na ...

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

Operations

The bank maintains departments of

microfinance Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; saving ...

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 language, French Tamatave or in the past as Port aux prunes, is the capital of the Atsinanana region on the east coast of Madagascar on the Indian Ocean. The city is the chief ...

TMS *

Fianarantsoa Fianarantsoa is a city (commune urbaine) in south central Madagascar, and is the capital of Haute Matsiatra Region. History It was built in the early 19th century by the Merina as the administrative capital for the newly conquered Betsileo kin ...

FIA Agency Offices: *

Antsiranana Antsiranana ( ), named Diego-Suarez 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 At the beginning of the 16th century, a Portugue ...

ATS *

Nosy Be Nosy Be (; formerly Nossi-bé and Nosse Be, ) is a volcanic island off the northwest coast of Madagascar. Nosy Be is Madagascar's largest and busiest tourist destination. It has an area of , and its population was 109,465 according to the provisio ...

NSB *

Mahajanga Mahajangā (French: Majunga) is a city and an administrative district on the northwest coast of Madagascar. The city of Mahajanga (Mahajanga I) is the capital of the Boeny Region. The district (identical to the city) had a population of 258,068 ...

MGA *

Sambava Sambava is a city and commune (commune urbaine; ) 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. Infrastructure Sambav ...

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 Ri ...

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 150 ...

FTD *

Morondava Morondava (, from "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 Morondava River at . Its population as of the 2018 census, was 53,510. Population The predominant ...

MDV *

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

TUL

List of governors

* 1973–1983:

Leon Maxime Rajaobelina Leon, Léon (French) or León (Spanish) may refer to: Places Europe * León, Spain, capital city of the Province of León * Province of León, Spain * Kingdom of León, an independent state in the Iberian Peninsula from 910 to 1230 and again fro ...

* 1984–1988: Richard Randriamaholy * 1988–1993: Blandin Razafimanjato * 1993–1994:

Raoul Joëlson Ravelomanana __NOTOC__ Raoul is a French variant of the male given name Ralph or Rudolph. Raoul may also refer to: Given name * Raoul André (1916–1992), French director and screenwriter * Raoul Anglès (1887–1967), French politician * Raoul Aragon, Fi ...

* 1996–2007: Gaston Edouard Ravelojaona * 2007–2012:

Frédéric Rasamoely Frédéric and Frédérick are the French versions of the common male given name Frederick. They may refer to: In artistry: * Frédéric Back, Canadian award-winning animator * Frédéric Bartholdi, French sculptor * Frédéric Bazille, Impress ...

* 2012–2013: Guy Ratovondrahona (acting) * 2013–2014: Vonimanitra Razafimbelo (acting) * 2014–2019: Alain Rasolofondraibe * 2019–2023: Henri Rabarijohn *since January 2023: Aivo Andrianarivelo

References

External links

*
Official site of Banque Centrale de Madagascar

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