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Vatu

From Biocrawler, the free encyclopedia.

200 Vatu Commemorative Note

The Vatu (ISO 4217: VUV, sometimes Vt) is the official currency of Vanuatu. It was introduced after independence in 1982 to replace the New Hebrides Franc and the Australian Dollar.

The Vatu is a unit by itself: it neither is nor ever has been divided into divisions such as hundreths. The reason for the low value of the currency is that it was designed to be similar in value to the CFP franc, XPF, used in New Caledonia and French Polynesia.

Currency is available as both notes and coins. Notes are to the values of 100, 200, 500, 1000 and 5000 Vatu. Nickel brass: 1 Vatu (16mm) ; 2 Vatu (19mm) ; 5 Vatu (23mm) Cupronickel : 10 Vatu (24mm) ; 20 Vatu (28mm) ; 50 Vatu (33mm, a large coin) Nickel brass: 100 Vatu (23mm)

The value of the Vatu floats, but is reputed to be pegged to a fixed but secret basket of currencies. Approximate rates (2004) are USD 1 = VUV 110, GBP 1 = VUV 200, AUD 1 = VUV 85, NZD 1 = VUV 75, EUR 1 = VUV 140.

Local residents sometimes refer to a notional dollar, equal to 100 Vatu, without specifying which country's currency they have in mind. Although no such thing exists, it simplifies thinking in the larger numbers which a low-value unit causes. For example, the Government's budget of VUV 6,000,000,000 is in fact only about fifty million US dollars.

The concept of this notional dollar is supported by the size of the 100 Vatu coin: at 23mm it is comparable to the Australian dollar (25mm) and the New Zealand dollar (23mm), two major sources of Vanuatu expatriates and tourists. Traders will often accept a real dollar (regardless of its country) as an equivalent to local currency.

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Pacific	Australian dollar (Kiribati, Nauru, Norfolk Island, Tuvalu)\| CFP franc (French Polynesia, New Caledonia, Wallis and Futuna) \| Fijian dollar \| New Zealand dollar \| Papua New Guinean Kina \| Samoan Tala \| Solomon Islands dollar \| Tongan Pa'anga \| US Dollar (American Samoa, Guam, Hawaii, Marshall Islands, Federated States of Micronesia, Northern Mariana Islands, Palau) \| Vanuatu Vatu
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