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Vanuatu vatu

Vanuatu vatu
ISO 4217
Code VUV
Denominations
Subunit
 None None
Symbol VT
Banknotes 200VT, 500VT, 1000VT, 2000VT, 5000VT, 10,000VT
Coins 1VT, 2VT, 5VT, 10VT, 20VT, 50VT, 100VT
Demographics
User(s)  Vanuatu
Issuance
Central bank Reserve Bank of Vanuatu
 Website www.rbv.gov.vu
Valuation
Inflation 3.9%
 Source The World Factbook, 2007 est.

The vatu (sign: VT;ISO 4217: VUV) is the currency of Vanuatu.

The vatu has no subdivisions.

The vatu was introduced in 1981, one year after independence, to replace the New Hebrides franc at par. The vatu was issued as a single unit with no subunit, having 1 vatu being the smallest denomination possible, in a similar vein to the Japanese yen and Tajikistani ruble.

The official ISO code for the Vanuatu vatu is VUV. Its nationally recognized symbol Vt. is the most often used in written format but it is also sometimes written up with the $ symbol. The vatu's introduction also saw the end of the official circulation of the Australian dollar in Vanuatu.

Vanuatu's first post colonial coin was a 50 vatu coin introduced in 1981 and commemorated independence. It was struck in cupro-nickel like previous issues and was released into circulation, though originally its release was targeted more towards collectors. Shortly thereafter, in 1983, 1, 2, 5, vatu coins were released in aluminum bronze and 10, 20, and 50-vatu coins were introduced in cupro-nickel, replacing the coinage of the New Hebrides Franc as the new circulation currency. This also replaced the Australian currency that was circulating in the British controlled islands. All Vanuatu coins depict the Vanuatu coat of arms, consisting of a native warrior in front of a whorled pig's tusk, a traditional item of value. The reverses depict other traditional items of value.

Due to Vanuatu's French colonial history, the current vatu coins have the same size and coloration of the coins of New Hebrides which are based in part on French units, particularly the 1, 2, and 5 vatu in their similarity in size and composition to the 5, 10, and 20 centimes of the old French Franc. The 10, 20, and 50 vatu bear some similarities to Australian coins but are actually slightly larger with closer approximate size to coins of similar valuation to those in New Caledonia, and French Polynesia. In 1988, a nickel-brass 100 vatu coin was introduced, this coin replaced the 100 vatu note. The coin is of the same size and general thickness of the British 1 pound coin.

In 2011 the Reserve Bank of Vanuatu ceased to issue 1 and 2 vatu coins, which had become infrequently used due to inflation. Prices in Vanuatu stores are now rounded to the nearest 5 vatu.


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