On 31 July 2003, the ariary (MGA) was introduced as a new currency alongside the Malagasy franc (MGF) at a rate of MGF 5 = MGA 1. Since this date, banknotes denominated in ariary have been in circulation as legal tender alongside the Malagasy franc. Until the end of 2004, all prices appeared in both currencies; since 1 January 2005, the ariary has been the sole legal tender.
