What You Should Know About Currency in Mauritius

Few Facts on Mauritian Currency

The local currency in Mauritius is called Rupee (currency code MUR) divided in 100 cents. The current coins in circulation are 5 cent, 20 cent and half a rupee or 50 cents. The “Rupee” the local currency in Mauritius was established in 1876 by local law. Before that period the money market of Mauritius was overflowed by Indian money injected by the vast numbers of Indian immigrants. Mauritian rupee was then introduced in 1877 as currency in Mauritius by replacing other currencies like Indian Rupee, Mauritian Dollar and Sterling. The rate of exchange was then decided as one Mauritian Rupee equal to one Indian Rupee, or half of a Mauritian Dollar. The pound was equal to 10.25 Mauritian Rupee. Mauritian Rupee was in circulation in Seychelles till 1914 before replacing by Seychellois Rupee at equal value.

History

The current exchange rate of the currency in Mauritius against some other important currencies of the world is mentioned below:

• 1 US $ is equal to 37.6786 Maurititan rupee
• 1 Euro is equal to 28.6000 Mauritian rupee
• 1 Austrialian $ is equal to 30.2902 Mauritian rupee
• 1 Malaysian Ringgit is equal to 9.35619 Mauritian rupee

The bank notes are available in five denominations in Mauritius; they are, MUR 100, 200, 500, 1000 and 2000.
There are few features to check the authenticity of the currency in Mauritius. They are:

• For Bank notes of Rupee 100, 200, 500, 1000, 2000: There is a golden Iridescent band visible when held in light, disappears when the viewing angle is changed.
• Bank notes of 100, 200 rupee: A dull band of silver metallic color is visible on the left side of the note from top to bottom. A metallic strip is also visible beneath the numerical value printed on the top right side of the note.

Features

Mauritius has the sixth highest Per Capita GDP in Africa. The per capita income of Mauritius is US $ 12,400. The major agriculture products of this country includes tobacco, tea, cattle, sugar and its derivatives, fruits, vegetables, flowers, etc. Financial services along with agriculture and textile are the major sectors in Mauritian economy. Tourism accounts for 5% GDP of the country. Two economists Camelia Minoiu and Patrick Imam assessed the equilibrium value of the currency in Mauritius or Mauritian rupee in 2006–2007 over a medium run period. The value was measured first on a current account based scale using macroeconomic as the balancing factor. Secondly, it was calculated in a shorter version of basic equilibrium rate of exchange measure.

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