The franc (ISO 4217 code MGF) was the currency of Madagascar until 1 January 2005.

The currency was issued by the government-owned Banque de Madagascar and was pegged at par to the French franc.

When the Comoro Islands became a separate French territory, the name of the issuing bank was changed to Banque de Madagascar et des Comores.

After independence from France, the privilege to issue banknotes was transferred to the Institut d'Émission Malgache on 31 December 1961.

These were bronze 50 centime and 1 franc coins bearing the Cross of Lorraine symbol.

While still denominated in both ariary and francs, on notes issued since 31 July 2003, the former is emphasized with larger fonts and predominant placement.