Madagascar updates its 10,000 & 20,000 ariary banknotes
The country’s two largest denominations get a facelift with a bicolour security thread and the signature of a new governor. Old notes remain valid.
In September 2025, the Banque centrale de Madagascar (BFM) announced new versions of the 10,000 and 20,000 ariary notes. They look nearly identical to the 2017 series, but now carry the signature of Governor Aivo Handriatiana Andrianarivelo and feature a green-and-red security thread. Older notes remain legal tender. Sources: L’Express de Madagascar, Madagascar Tribune.
Background
The ariary has been Madagascar’s official currency since 2005, replacing the Malagasy franc. In 2017, the central bank launched the NG17 series, which included new designs for the 10,000 and 20,000 ariary — the highest denominations in the country. These notes quickly became the backbone of large transactions in a cash-heavy economy.
Now, eight years later, the bank is refreshing those notes to address counterfeiting risks and to update the governor’s signature. While the core designs remain unchanged, the visual addition of a bicolour green-and-red security thread signals a move to strengthen security. Economists note that such technical tweaks are cheaper than a full redesign, while reassuring the public that the currency is still under careful watch.
Design & security updates
Visually, the notes remain close to their NG17 predecessors. The landscapes, cultural motifs, and size appear unchanged. The main additions are technical: a new green-and-red bicolour security thread and subtle print modifications aimed at discouraging counterfeiters. The notes also bear the signature of Governor Andrianarivelo, in office since February 2023.
Tech Specs (confirmed & pending)
- Denominations
- 10,000 ariary (MGA10,000.1B), 20,000 ariary (MGA20,000.1B)
- Series
- NG17 (introduced 2017, updated 2025)
- Signature
- Aivo Handriatiana Andrianarivelo, Governor since 3 Feb 2023
- Security updates
- Green-and-red bicolour thread; minor print changes (details not yet disclosed)
- Status of old notes
- Older issues remain legal tender
- Circulation date
- Pending official confirmation
Collector’s angle: While not a new design, these updates mark a distinct variety — collectors often track signature changes and added features. Expect demand for crisp UNC notes from the first runs bearing Andrianarivelo’s name.
Quick Answers
Which notes have been updated?
What has changed?
Do old notes remain valid?
When will the new notes circulate?
Is this a new series?
Highlights Facts • Collector Tips • Did You Know?
Facts
- Madagascar’s top denominations: 10,000 & 20,000 ariary.
- Updated in 2025 with a new governor’s signature.
- Bicolour thread introduced to combat counterfeiting.
Collector Tips
- Collect first-run UNC notes signed by Andrianarivelo.
- Compare thread colour shifts against 2017 issues.
- Track varieties — security updates often create catalogue sub-types.
Did You Know?
- The ariary replaced the Malagasy franc in 2005.
- 1 ariary equals 5 francs — a unique denomination structure.
- Madagascar’s 20,000 ariary is among Africa’s highest-value notes.
