Converting from Tanzanian Shilling (TZS) to Malagasy Ariary (MGA)

What is Tanzanian Shilling (TZS)

The Tanzanian Shilling (TZS) is the official currency of Tanzania, a country located in East Africa. It is abbreviated as TZS and is subdivided into 100 cents. The shilling was first introduced in 1966, replacing the East African shilling, which had been used in the region since the colonial era.

The symbol for the Tanzanian Shilling is "TSh", but in most financial contexts, it is usually denoted as TZS. The Reserve Bank of Tanzania manages the currency and is responsible for its monetary policy. One important feature of the TZS is its stability; Tanzania's economy has shown consistent growth, which reflects positively on its national currency.

The shilling comes in both coin and banknote forms. Coins are available in denominations of 1, 5, 10, 20, 50, 100, 200, and 500 TZS. Meanwhile, banknotes are issued in values of 1,000, 2,000, 5,000, and 10,000 TZS. The currency is widely accepted throughout Tanzania and is essential for daily transactions, including purchasing goods and services.

What is Malagasy Ariary (MGA)

The Malagasy Ariary (MGA) is the currency of Madagascar, an island nation located off the southeast coast of Africa. The ariary has been the official currency since 2005, replacing the previous currency called the Malagasy franc. The unique feature of the ariary is that it is divided into 5 iraimbilanja, which makes it different from many other currencies.

The symbol for the Malagasy Ariary is "Ariary" or sometimes just "MGA". The Banky Foiben'ny Repoblikan'i Madagasikara (the Central Bank of Madagascar) is in charge of issuing and managing the ariary. The currency plays a crucial role in the Malagasy economy, which relies heavily on agriculture, mining, and tourism.

The ariary is available in multiple denominations. Coins are seen in values of 1, 5, 10, 20, 50, and 100 Ariary, while banknotes come in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 Ariary. Due to variations in the economy, the value of the ariary can fluctuate, but it remains a vital aspect of trade and everyday life in Madagascar.

Currency Conversion

To convert Tanzanian Shilling (TZS) to Malagasy Ariary (MGA), knowing the current exchange rate is essential. Exchange rates fluctuate based on various factors, including market demand, economic stability, and geopolitical events. You can find the latest conversion rates through various financial websites or currency converters online.

For example, if the exchange rate is ＄1 TZS = 0.211 MGA＄, to convert 1000 TZS to MGA, you would calculate it as follows:

1000 TZS × 0.211 MGA/TZS = 211 MGA.

Understanding these currencies and their conversion can help you manage your finances effectively when traveling or conducting business in Tanzania or Madagascar.