Madagascar

Formerly an independent kingdom, Madagascar became a French colony in 1896 but regained independence in 1960. During 1992-93, free presidential and National Assembly elections were held ending 17 years of single-party rule. In 1997, in the second presidential race, Didier RATSIRAKA, the leader during the 1970s and 1980s, was returned to the presidency. The 2001 presidential election was contested between the followers of Didier RATSIRAKA and Marc RAVALOMANANA, nearly causing secession of half of the country. In April 2002, the High Constitutional Court announced RAVALOMANANA the winner. RAVALOMANANA achieved a second term following a landslide victory in the generally free and fair presidential elections of 2006. In early 2009, protests over increasing restrictions on opposition press and activities resulted in RAVALOMANANA stepping down and the presidency was conferred to the mayor of Antananarivo, Andry RAJOELINA. Following negotiations in July and August of 2009, a power-sharing agreement with a 15-month transitional period was established, but has not yet been implemented.

Economical characteristics

 * Currency: Malagasy ariary (ISO code: MGA)
 * Central bank discount rate: NA%
 * Commercial banks lending rate: 45% (31 December 2009 )
 * Stock of money (M1): $1.216 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $667.2 million (31 December 2008)

Notable events:

 * Banking crisis: 1988

Links

 * Madagascar on Wikipedia
 * Central bank of Madagascar
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile