Coins from Mauritania
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- Опубликовано: 21 апр 2024
- The Mauritanian Ouguiya (MRU) is the official currency of the Islamic Republic of Mauritania, a nation rich in cultural heritage and natural resources, but still grappling with economic development. Here's a deeper dive into the Ouguiya:
The New Ouguiya (2018-present): A Streamlined Approach
Introduced in 2018, the New Ouguiya marked a significant shift for Mauritanian currency. Unlike its predecessor, the New Ouguiya does away with subdivisions, making financial transactions simpler for both residents and visitors. This streamlined system eliminates the need to convert between smaller units like the Khoums, which were used with the Old Ouguiya.
Redenomination for Stability
The New Ouguiya's arrival wasn't just about simplification. It replaced the Old Ouguiya at a rate of 10 old Ouguiya for 1 new. This redenomination, a process of introducing a new currency with a higher value, likely aimed to combat inflation that had eroded the purchasing power of the Old Ouguiya. The New Ouguiya essentially acted as a reset button, making it easier to track prices and manage finances.
International Ties and a Cash-Based Economy
The Ouguiya is tethered to the International Monetary Fund's (IMF) Special Drawing Rights (SDR). This basket of currencies provides a level of stability compared to currencies tied to a single strong currency. While the IMF basket fluctuates, it offers some protection against the sharp swings experienced by currencies solely dependent on global markets.
Despite the international connection, Mauritania's economy remains heavily reliant on cash transactions. Visitors shouldn't be surprised to find most purchases conducted with physical Ouguiya notes and coins. While credit cards and digital payments might be making inroads in some parts of the world, cash is still the dominant player in Mauritania.Visit Coin house kochi to learn more about coins, and coin collection!
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