About the AUD/MGA rate
The AUD/MGA rate is how many MGA one Australian dollar buys. It moves constantly with interest-rate expectations, commodity prices and global risk sentiment - see what moves the rate. Tradergy shows the mid-market reference rate and does not forecast where it’s heading. For the 52-week highs and lows and a daily table, see the AUD/MGA rate history.
Reading the same rate from the other side: the reverse rate, MGA → AUD, is on the receiving Malagasy ariary view, and sending Australian dollars to Madagascar is covered on the AUD → MGA transfer page. Every AUD pair sits on the convert hub, and to work in more than one currency at once there is the currency converter.
The rules around the ariary, and the one still being written
Madagascar has a new foreign exchange law that has not arrived. The International Monetary Fund records it as pending in its 2025 annex, alongside the central bank's work to increase the liquidity and depth of the foreign exchange market, which places the country in the odd position of running a de jure floating exchange rate under rules everybody agrees are due for replacement.
The measure most obviously waiting on that law is a surrender requirement on export proceeds. The Fund classifies it as a capital flow management measure under its Institutional View and recommends it be phased out gradually while Madagascar's external position allows, which is as close as the Fund comes to saying a rule should go but not yet.
The float is an actively managed one. The Fund records the central bank intervening to smooth volatility while gradually building reserves, and puts foreign exchange reserves at the end of 2024 at just over six months of the following year's imports, against under five months in 2020.
The notes themselves are set out by the issuer with an unusually blunt warning attached. Banky Foiben'i Madagasikara lists eight banknote denominations having legal tender, from one hundred ariary to twenty thousand, and states that they may be freely used in all commercial transactions on the territory of the Republic of Madagascar. Directly beneath that list it warns that article 139 of the Malagasy Penal Code punishes the counterfeiting of notes and coins with forced labour in perpetuity.
Sources: International Monetary Fund, Republic of Madagascar: Country Report No. 25/060, 11 February 2025 · Banky Foiben'i Madagasikara, Billets de banque ayant cours legal