Saturday, July 20, 2024

Mauritanian Ouguiya (MRU)

In this article, We learn about “The Mauritanian Ouguiya (MRU)”.Let’s Go!

The Mauritanian Ouguiya (MRU) is the official currency of the West African country of Mauritania.

The ouguiya was introduced in 1973, replacing the CFA franc at an exchange rate of 1 ouguiya = 5 CFA francs.

The Central Bank of Mauritania (Banque Centrale de Mauritanie) is responsible for issuing and administering the Mauritanian Ouguiya.

Unique Segmentation

The

Mauritanian ouguiya is unique among world currencies in that it is subdivided into 5 smaller units called khoums, instead of the more common 100 smaller units in decimal form system.

This makes the Mauritanian Ouguiya a non-decimal currency.

Denomination

Coins are available in denominations of 1, 5, 10, 20 and 50 Ouguiya.

The banknotes are available in denominations of 50, 100, 200, 500, 1,000 and 5,000 ouguiya.

Economy

Mauritania’s economy relies heavily on its natural resources, particularly iron ore, gold and copper.

The country also has important fisheries, as well as growing agriculture and livestock industries.

However, Mauritania faces multiple economic challenges, including vulnerability to commodity price fluctuations, limited infrastructure, and high poverty rates.

The government has been committed to diversifying the economy, investing in infrastructure and implementing reforms aimed at boosting growth and reducing poverty.

However, progress has been slow and the country remains dependent on its natural resources.

Exchange rates and inflation

Mauritania Ouguiya has experienced exchange rate fluctuations and inflation in the past.

The Central Bank of Mauritania’s monetary policy aims to maintain price stability and manage inflation to support economic growth.

The exchange rate of Ouguiya against the U.S. dollar, euro and other major currencies may fluctuate due to changes in global economic conditions and local factors.

Summary

To summarize, the Mauritanian Ouguiya is the official currency of Mauritania and its management is the responsibility of the Central Bank of Mauritania.

The currency is unique for its non-decimal subdivision into khoums and is issued in various coin and banknote denominations.

Mauritania’s economy relies heavily on natural resources and the country faces several economic challenges.

The Central Bank of Mauritania’s monetary policy focuses on maintaining price stability and managing inflation to support economic growth.

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