20 Ariary motto C

The KM#24.2 variety is distinguished from KM#24.1 by a revised motto positioning on the reverse — a minor but catalogued die difference that matters for type completeness. Madagascar's ariary coinage of this period was produced under chronic fiscal strain; the IMF structural adjustment programs of the 1990s severely constrained the government's monetary flexibility, and nickel clad steel replaced more expensive compositions partly as a direct cost-reduction measure. The Central Bank, Banky Foiben'i Madagasikara, had limited control over minting contracts, with production largely outsourced to foreign facilities.