MADAGASCAR FRANC Meaning and
Definition
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Madagascar Franc refers to the former national currency of Madagascar, a large island country off the southeastern coast of Africa. It was the official currency of Madagascar from 1963 to 2005 when it was replaced by the Malagasy Ariary. The Madagascar Franc was abbreviated as MGF and was divided into 100 centimes.
The Madagascar Franc was introduced after the country gained independence from France in 1960. It was issued by the Central Bank of Madagascar and had several denominations, including banknotes and coins. The banknotes ranged from 100 to 10,000 Francs, while coins were available in denominations of 1, 2, and 5 Francs.
The exchange rate of the Madagascar Franc was subject to fluctuations, influenced by economic factors, inflation, and international trade. As a result, its value fluctuated throughout its existence, causing both advantages and disadvantages in terms of purchasing power.
However, with the introduction of the Malagasy Ariary in 2005, the Madagascar Franc was demonetized and ceased to be legal tender. The transition aimed to simplify the currency system and streamline economic transactions in the country.
Overall, the Madagascar Franc played a significant role in the economic history of the country and its transition to a more modern monetary system with the adoption of the Malagasy Ariary.
Common Misspellings for MADAGASCAR FRANC
- nadagascar franc
- kadagascar franc
- jadagascar franc
- mzdagascar franc
- msdagascar franc
- mwdagascar franc
- mqdagascar franc
- masagascar franc
- maxagascar franc
- macagascar franc
- mafagascar franc
- maragascar franc
- maeagascar franc
- madzgascar franc
- madsgascar franc
- madwgascar franc
- madqgascar franc
- madafascar franc
- madavascar franc
Etymology of MADAGASCAR FRANC
The etymology of the term "Madagascar Franc" can be broken down as follows:
1. Madagascar: The word "Madagascar" is derived from the Portuguese phrase "Ilha de Madagáscar", meaning "Island of Madagascar". The Portuguese were the first Europeans to visit the island in the 16th century and named it after the Italian explorer Marco Polo's name for the island, "Madageiscar".
2. Franc: The term "Franc" originated from the Latin word "Francus", meaning "free", which was used to refer to the Franks, a Germanic tribe that eventually became the dominant group in the region that is now modern-day France. The Frankish kings established a currency system in the Middle Ages known as the "Franc", which became the basis for various European currencies, including the French Franc.
