Mauritanian Ouguiyas (MRU) is the official currency of the Islamic Republic of Mauritania in North African with a border close to the Atlantic Ocean.

It has a rich history with its monetary system. In this comprehensive guide, we will look into the history of Mauritanian Ouguiyas, denominations, exchange rates, economic impact, and challenges associated with Mauritanian Ouguiyas.

History of Mauritanian Ouguiyas (MRU)

Before the introduction of the current MRU, Mauritania used the CFA franc. However, in 2017, the country decided to adopt its own currency to gain greater economic autonomy.

The new Ouguiya, with the ISO 4217 code MRU, was introduced in January 2018, replacing the old Ouguiya at a rate of 1 new Ouguiya to 10 old Ouguiyas.

Denominations of the Mauritanian Ouguiyas (MRU)

MRU is available in various denominations, including coins and banknotes. The coins are typically used for smaller transactions, while banknotes are used for larger amounts.

The denominations of the MRU include:

• Coins: 1, 2, 5, and 10 Ouguiyas
• Banknotes: 5, 10, 20, 50, 100, 200, 500, and 1000 Ouguiyas

What is Exchange Rate of the Mauritanian Ouguiyas (MRU)

The exchange rate of the MRU fluctuates based on various economic factors, including global market trends, inflation, and government policies. US Dollar

• 1 MRU = 0.0252073 USD
• 1 MRU = 0.0232116 EUR

To get the most accurate and up-to-date exchange rate, it’s recommended to check with a financial institution or use a reliable online currency converter.

The Economy of Mauritania 

Mauritania’s economy is primarily based on natural resources, including iron ore, copper, gold, and fisheries. The country also relies on agriculture and livestock farming. MRU plays essential role in assisting domestic and international trade, as well as in maintaining price stability within the country.

However, Mauritania has face several economic challenges, such as poverty, unemployment, and limited infrastructure. The government has implemented various economic reforms to address these issues and promote sustainable economic growth.

Challenges Facing the Mauritanian Ouguiyas

Like many other currencies, the MRU face several challenges, including:

• Currency Exchange Rate Volatility: The value of the Mauritanian Ouguiyas can fluctuate significantly due to global economic events and political instability.
• Inflation: High inflation rates can erode the purchasing power of the currency.
• Counterfeit Currency: Counterfeit currency can undermine the integrity of the monetary system.
• Economic Dependence on Commodities: Mauritania’s economy is heavily reliant on commodity exports, making it vulnerable to price fluctuations in the global market.

To solve these challenges, the Central Bank of Mauritania implements monetary policies to stabilize the currency and control inflation. Additionally, the government is working to diversify the economy and reduce its dependence on commodities.

Conclusion

Mauritanian Ouguiyas is an essential component of Mauritania’s economy. While it has faced challenges, the government is taking steps to strengthen the currency and promote sustainable economic growth. By understanding the history, denominations, exchange rates, and economic impact of the MRU, we can gain valuable insights into Mauritania’s financial landscape.