Exchange rate during each president's tenure
Every president since 1991, ranked by how exchange rate changed from their first day in office. Politare shows what happened during a tenure; it does not claim the office-holder caused it.
| # | President | In office | Total | Per year | Chart |
|---|---|---|---|---|---|
| 1 | UNDD Albert Zafy | 27 Mar 1993 – 5 Sep 1996 | +107% Feb 1993 → Aug 1996 | +23.1%/yr | |
| 2 | TIM Marc Ravalomanana | 22 Feb 2002 – 17 Mar 2009 | +48.3% Jan 2002 → Feb 2009 | +5.7%/yr | |
| 3 | HVM Hery Rajaonarimampianina | 25 Jan 2014 – 7 Sep 2018 | +47.3% Dec 2013 → Aug 2018 | +8.7%/yr | |
| 4 | AREMA Didier Ratsiraka | 9 Feb 1997 – 22 Feb 2002 | +46.9% Jan 1997 → Jan 2002 | +8.0%/yr | |
| 5 |  Andry Rajoelina | 19 Jan 2019 – 14 Oct 2025 | +26.5% Dec 2018 → Sep 2025 | +3.5%/yr | |
| 6 | Andry Rajoelina | 17 Mar 2009 – 25 Jan 2014 | +14.1% Feb 2009 → Dec 2013 | +2.8%/yr | |
| 7 | N Guy Razanamasy | 31 Oct 1991 – 27 Mar 1993 | +0.4% Sep 1991 → Feb 1993 | +0.3%/yr |
Sorted by total, highest first. Every row is indexed to the last month complete before the first day in office ("from" marks a start that had to move because that period had no data, or because the period cut it); Levels are per cent changes, rates are differences in %; "per year" compounds levels and divides rates. Tenures with under 12 months, or under three observations, are left out. Ar per US dollar, monthly average · Banky Foiben'i Madagasikara's rate of the ariary to the US dollar via the IMF (exchange rates, period average), in ariary throughout (the Malagasy franc, five to the ariary, until 2005) · Madagascar data · as of Mar 2026.