Vanuatu Vatu (VUV)

What Is the Vanuatu Vatu (VUV)?

The Vanuatu Vatu (VUV) is the national currency of the Republic of Vanuatu, an island nation situated in the Pacific Ocean. The VUV was presented in 1981, supplanting the New Hebrides franc. The Vanuatu vatu has no subunit, and is frequently addressed with the symbol Vt.

Figuring out the VUV

The VUV is the shortening of the Vanuatu vatu, which is the currency that supplanted the former currency of the New Hebrides franc in 1981. In contrast to most different currencies, the vatu isn't issued in that frame of mind, as pennies. All things being equal, it has coins issued in units of 1, 2, 5, 10, 20, 50 and 100 vatu. Its banknotes, in the mean time, are issued in denominations going between 200 vatu and 10,000 vatu.

For simplicity of discussion, inhabitants of Vanuatu now and then allude to 100 vatu as one "dollar". Albeit the vatu has no official exchange rate relative to the dollar, this shorthand reference has stayed well known among local people inferable from the way that the vatu has generally traded at a ratio of roughly one U.S. dollar (USD) per 100 vatu. Bigger transactions are in this manner frequently priced in "dollars, for example, alluding to a 100,000-vatu purchase as being worth "1,000 dollars".

Vanuatu's coins are completely stepped with the Vanuatu emblem, which includes the picture of a traditional Melanesian warrior. The coins are minted by the Royal Australian Mint, while the currency is controlled by the Reserve Bank of Vanuatu, Vanuatu's central bank.

Important

Vanuatu assumed an important part during World War II, during which it played home to a base for Allied powers. During this period, a huge portion of land was purchased by visiting troops. After the war ended it was estimated that more than one-third of the land in the country was owned by outsiders.

Real World Example of the VUV

Vanuatu, otherwise called the Republic of Vanuatu, is an island chain situated in the Pacific Ocean. The country comprises of 14 bigger islands with numerous more modest offshoot islands, and is structured as a parliamentary majority rules government. Despite the fact that there are in excess of 100 Melanesian dialects spoken in the region, Vanuatu's official dialects are Bislama, French, and English.

Vanuatu's economy depends generally on exports of essential commodities. Meat and timber are among the most often exported things in the country, with adjoining New Zealand and Australia among its biggest import customers. Albeit the country has been fostering its travel industry in recent years, this progress was to some extent upset by the staggering hurricane — Cyclone Pam — which crushed Vanuatu and the encompassing region in 2015.

Features

• The Vanuatu Vatu (VUV) is the national currency of Vanuatu.
• In 2015, Vanuatu was crushed by Cyclone Pam, a category 5 hurricane.
• Vanuatu is an island nation whose economy relies to a great extent upon the export of essential agricultural commodities.