| Vanuatu vatu | |||
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| ISO 4217 Code | VUV | ||
|---|---|---|---|
| User(s) | Vanuatu | ||
| Inflation | -1. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Vanuatu, officially the Republic of Vanuatu ( French: République de Vanuatu, Bislama: Ripablik blong Vanuatu) is an Island In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 6% | ||
| Source | The World Factbook, 2005 est. | ||
| Subunit | |||
| None | None | ||
| Symbol | Vt | ||
| Coins | Vt1, Vt2, Vt5, Vt10, Vt20, Vt50, Vt100 | ||
| Banknotes | Vt100, Vt200, Vt500, Vt1000, Vt5000 | ||
| Central bank | Reserve Bank of Vanuatu | ||
| Website | www.rbv.gov.vu | ||
The vatu (ISO 4217: VUV, sometimes Vt) is the currency of Vanuatu. A currency sign is a graphic symbol often used as a shorthand for a Currency 's name A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The Reserve Bank of Vanuatu is the Central bank of Vanuatu. See also Economy of Vanuatu Vanuatu vatu ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Vanuatu, officially the Republic of Vanuatu ( French: République de Vanuatu, Bislama: Ripablik blong Vanuatu) is an Island Vatu has no subdivisions.
Contents |
History
The vatu was introduced in 1982, after independence, to replace the New Hebrides franc at par. Year 1982 ( MCMLXXXII) was a Common year starting on Friday (link displays the 1982 Gregorian calendar) The franc was the currency of the Anglo-French Condominium of the Pacific island group of the New Hebrides (which became Vanuatu in 1980 The vatu's introduction also saw the end of the official circulation of the Australian dollar in Vanuatu. The Australian dollar ( sign: $; code: AUD) is the Currency of the Commonwealth of Australia, including Christmas
Coins
In 1983, 1, 2, 5, 10, 20 and 50 vatu coins were introduced, followed by 100 vatu in 1988.
| Denomination | Composition | Diameter |
|---|---|---|
| 1 vatu | Nickel-brass | 16 mm |
| 2 vatu | 19 mm | |
| 5 vatu | 23 mm | |
| 10 vatu | Cupro-nickel | 24 mm |
| 20 vatu | 28 mm | |
| 50 vatu | 33 mm | |
| 100 vatu | Nickel-brass | 23 mm |
Banknotes
In 1982, notes were introduced by the Central bank of Vanuatu in denominations of 100, 500 and 1000 vatu. 5000 vatu notes followed in 1989. In 1993, the Reserve Bank of Vanuatu took over paper money issuance and introduced notes for 500 and 1000 vatu. The Reserve Bank of Vanuatu is the Central bank of Vanuatu. See also Economy of Vanuatu Vanuatu vatu 200 vatu notes were introduced in 1995
"Dollar"
Local residents sometimes refer to a notional dollar, equal to 100 vatu, without specifying which country's currency they have in mind. This stems from the period 1966–1973, when the New Hebrides franc was pegged to the Australian dollar at a rate of 100 francs = 1 dollar. Although no relationship currently exists, it simplifies thinking in the larger numbers which a low-value unit causes. For example, the Government's budget of 6,000,000,000 VUV is in fact only about 50,000,000 USD.
The concept of this notional dollar is supported by the size of the 100 vatu coin: at 23 mm it is comparable to the Australian dollar (25 mm) and the New Zealand dollar (23 mm) but the thickness is equivalent to the current British pound coin. Traders will often accept a real dollar (regardless of its country) as an equivalent to local currency.
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See also
References
- Krause, Chester L. Vanuatu 's economy is primarily agricultural 80% of the population is engaged in agricultural activities that range from subsistence farming to smallholder and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed. The Standard Catalog of World Coins is a series of numismatic Catalogs commonly known as the Krause catalogs in the Numismatic hobby , Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. The Standard Catalog of World Paper Money is a very well-known catalogue of Banknotes that is published by Krause Publications in three volumes Bruce II and Neil Shafer (editors), 7th ed. , Krause Publications. ISBN 0-87341-207-9.
External links
- Don's World Coin Gallery - Vanuatu
- Ron Wise's World Paper Money - Vanuatu Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Vanuatu Mirror site
- The Global History of Currencies - Vanuatu
- Global Financial Data currency histories table (
Microsoft Excel format)
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