French franc
On 1 July 1925, the French government formed an agreement with the "Banque de Paris et des Pays-Bas" to create the "Banque de Madagascar", headquartered in Paris, and granted it a private monopoly to issue currency for the colony of Madagascar. The Malagasy franc (French: "franc malgache") was equivalent to the French franc and French coins continued to circulate as Madagascar had no coins of its own until 1943.