Information about currency: Malagasy Franc (Colonial)

The Banque de Madagascar was created on July 1, 1925 by the French government. The currency was issued by the government-owned Banque de Madagascar and was pegged at par to the French franc. Only banknotes were issued with French coins continuing to circulate. When the Comoro Islands became a separate French territory, the name of the issuing bank was changed to Banque de Madagascar et des Comores. The Madagascar-Comores CFA franc (XMCF) replaced the franc of Madagascar on December 26, 1945, with the creation of the other CFA francs.