Converting from Malagasy Ariary (MGA) to Israeli Shekel (ILS)

What is Malagasy Ariary (MGA)

The Malagasy ariary (MGA) is the official currency of Madagascar, an island nation located off the southeastern coast of Africa. Introduced in 2005, the ariary replaced the previous currency, which was the Malagasy franc. The introduction of the ariary aimed to simplify transactions and stabilize the economy.

The ariary is divided into smaller units called "iraimbilanja," where 1 ariary is equivalent to 5 iraimbilanja. However, the iraimbilanja is mostly used in accounting and is no longer in circulation. Coins come in denominations of 1, 5, 10, 20, 50, and 100 ariary, while banknotes are available in larger amounts of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 ariary.

The value of the Malagasy ariary can fluctuate significantly due to various factors, including economic conditions and inflation rates. As such, understanding its value when converting to other currencies, such as the Israeli shekel, is essential for travelers and businesses engaging in international transactions.

What is Israeli Shekel (ILS)

The Israeli shekel (ILS) is the official currency of Israel and is known as the new shekel to distinguish it from the original currency introduced in the 1980s. The new shekel was issued in 1985, and is abbreviated as “NIS,” which stands for "New Israeli Shekel." The shekel is subdivided into 100 agorot.

Similar to the Malagasy ariary, the Israeli shekel has its own set of coins and banknotes. Coins come in denominations of 10 agorot, 0.5 shekel, 1 shekel, 2 shekels, 5 shekels, and 10 shekels. The banknotes are issued in denominations of 20, 50, 100, and 200 shekels.

The ILS is recognized as a stable and reliable currency in the Middle East, attributed to Israel's diversified economy encompassing high-tech industries, tourism, and agriculture. The exchange rate between the shekel and other currencies can be influenced by local economic indicators, geopolitical events, and global financial trends.

Conversion Between MGA and ILS

To convert from Malagasy ariary (MGA) to Israeli shekel (ILS), it is essential to know the current exchange rate. Exchange rates can vary daily, so it's important to consult a reliable financial source or currency conversion tool. For example, if the exchange rate is 1MGA=0.00058ILS, then to convert 10,000 MGA into ILS, you would calculate:

10,000 MGA × 0.00058 ILS/MGA = 5.8 ILS

Keep in mind, when converting currencies, there may be service charges or different rates applied by banks or money exchange services. Always compare rates and fees to ensure the best deal when exchanging Malagasy ariary for Israeli shekels.