1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 1446.0043 MGF (Malagasy Franc). It was the official currency of Madagascar until January 1, 2005, after which the MGF currency was replaced by the "Ariary" at a rate of 1 Malagasy Ariary (MGA) = 5 MGF. The MGF (Malagasy Franc) was subdivided into 100 Centimes. The issue of the currency is controlled and monitored by the Central Bank of Madagascar, the Banque Centrale de Madagascar.