500 Francs

The Banky Foiben'i Madagasikara — Madagascar's central bank, established in 1973 after the country severed its final institutional ties with the Banque de France — continued for decades to contract the same institution for printing. That arrangement was common among Francophone African states and carried real practical advantages: the Banque de France's Chamalières facility offered security paper, intaglio capability, and watermark integration that most newly independent nations couldn't replicate domestically.

The 500 Ariary denomination ran concurrently with this Franc-denominated note throughout much of the issue period, as Madagascar maintained a dual-naming convention — 1 Ariary equaling 5 Francs — until the Franc was officially retired in 2005.