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Madagascar

Malagasy Ariary (MGA)

43
Moderate
Risk
#37
of 171
Riskier
than 79% of currencies
36
global avg score
$679
$1,000 in 5 years
Impact on Citizens

Citizens need to earn at least 9.6% per year on savings to stay ahead. Money sitting in a regular account is slowly losing value.See savings calculator ↓

Economic Indicators

Inflation Rate
8.1%
Debt to GDP
Not available
GDP Growth
3.0%
Broad Money / GDP
27.3%

Banking & Stability

NPL Ratio
7.6%
Reserve Months
5.5
Current Account
-4.3%
FX Volatility
19.0

Governance & Markets

Rule of Law
Not available
Black Market Premium
Not available
Capital Controls
48.0
Peg Fragility
Not available

Currency Structure

Global Currency Role
70.0
FX Regime
managed float
Data Coverage
67.0%

Savings Impact Calculator

MGA
Holding cash in MGA8.1% inflation
MGA 679−MGA 321 (32% purchasing power lost)
Your MGA 1,000 buys 32% less in 5 years
What if you invested MGA 1,000 instead? (5yr, in MGA terms)
USD-denominated assets gain an additional ~5.1%/yr from expected MGA depreciation vs USD
Hold USD Cash
MGA 1107
+MGA 107
+2.1%/yr net in MGA
S&P 500
MGA 2016
+MGA 1016
range: MGA 953–MGA 3865
10% USD return + 5.1% FX · ±16% vol
Gold
MGA 1847
+MGA 847
range: MGA 560–MGA 4835
8% USD return + 5.1% FX · ±24% vol
Bitcoin
MGA 3720
+MGA 2720
range: MGA 254–MGA 21.1k
25% USD return + 5.1% FX · ±54% vol

All values in MGA. USD-denominated assets (S&P 500, Gold, Bitcoin) include an estimated FX gain of ~5.1%/yr based on the inflation differential between Madagascar (8.1%) and the US (~3%). This uses purchasing power parity as a long-run approximation — actual FX movements can differ significantly in the short term. S&P 500 based on 1957-2024, Gold on 2000-2024, Bitcoin on 2015-2024. Past performance does not guarantee future results. Not financial advice.

Data last updated: 2026-10-02

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