Yes: the documentation indicates the ānā flag for the national currency format in national currency:
<?php setlocale(LC_MONETARY, 'en_GB.UTF-8'); echo money_format('%n', 7.99); // £7.99 setlocale(LC_MONETARY, 'en_US.UTF-8'); echo money_format('%n', 7.99); // $7.99
Make sure you set the locale for LC_MONETARY (or LC_ALL, of course).
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