Vanuatu vatu

Infobox Currency
image_1 = 200 Vatu Commemorative Note.jpg
image_title_1 = 200 vatu commemorative banknote
iso_code = VUV
using_countries = Vanuatu
inflation_rate = -1.6%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2005 est.
subunit_ratio_1 = None
subunit_name_1 = None
symbol = Vt
used_coins = Vt1, Vt2, Vt5, Vt10, Vt20, Vt50, Vt100
used_banknotes = Vt100, Vt200, Vt500, Vt1000, Vt5000
issuing_authority = Reserve Bank of Vanuatu
issuing_authority_website = www.rbv.gov.vu

The vatu (ISO 4217: "VUV", sometimes "Vt") is the currency of Vanuatu. Vatu has no subdivisions.

History

The vatu was introduced in 1982, after independence, to replace the New Hebrides franc at par. The vatu's introduction also saw the end of the official circulation of the Australian dollar in Vanuatu.

Coins

In 1983, 1, 2, 5, 10, 20 and 50 vatu coins were introduced, followed by 100 vatu in 1988.

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. 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.

ee also

* Economy of Vanuatu

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Vanuatu
world_coin_gallery_1_name = Vanuatu
banknote_world_1_url = vanuatu
banknote_world_1_name = Vanuatu
dollarization_1_url = vu
dollarization_1_name = Vanuatu
gfd_1_url = Vanuatu
gfd_1_name = Vanuatu
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y