 In 1945, after the creation of Territory of Comoros, the Banque de Madagascar et des Comores was formed ; concurrent with the creation of many other African franc currencies.After Madagascar's independence from France in 1960, Madagascar began issuing the Malagasy franc (MGF) again, as the currencies of the Comoros and Madagascar were separated.In 1973, Madagascar left the CFA franc zone and the Malagasy franc was declared inconvertible by the authorities of the Confederation Franc Africaine.