Beginning with the year 1900 french banknotes were the legal tender on the island. In 1960 the Malagasi Republic obtained the
right to create it's own emission bank and national currency. Primarily the malagasi franc was equal to the CFA franc, now it's in
free floatation. 1 franc equaled 100 santimes. Since 2003, the ariari was introduced, 1 ariari equals 5 francs - most
banknotes have double denomination - in francs and ariary.