Everything about Vanuatu Vatu totally explained
The
vatu (
ISO 4217:
VUV, sometimes
Vt) is the currency of
Vanuatu. Vatu has no subdivisions.
History
The vatu was introduced in
1982, after independence, to replace the
New Hebrides franc at par. The vatu's introduction also saw the end of the official circulation of the
Australian dollar in Vanuatu.
Coins
In 1983, 1, 2, 5, 10, 20 and 50 vatu coins were introduced, followed by 100 vatu in 1988.
| Denomination |
omposition |
iameter |
| 1 vatu |
Nickel-brass |
16 mm |
| 2 vatu |
19 mm |
| 5 vatu |
23 mm |
| 10 vatu |
Cupro-nickel |
24 mm |
| 20 vatu |
28 mm |
| 50 vatu |
33 mm |
| 100 vatu |
Nickel-brass |
23 mm |
Banknotes
In 1982, notes were introduced by the Central bank of Vanuatu in denominations of 100, 500 and 1000 vatu. 5000 vatu notes followed in 1989. In 1993, the
Reserve Bank of Vanuatu took over paper money issuance and introduced notes for 500 and 1000 vatu. 200 vatu notes were introduced in 1995
"Dollar"
Local residents sometimes refer to a notional
dollar, equal to 100 vatu, without specifying which country's currency they've in mind. This stems from the period 1966–1973, when the New Hebrides franc was pegged to the Australian dollar at a rate of 100 francs = 1 dollar. Although no relationship currently exists, it simplifies thinking in the larger numbers which a low-value unit causes. For example, the Government's budget of 6,000,000,000 VUV is in fact only about 50,000,000 USD.
The concept of this notional
dollar is supported by the size of the 100 vatu coin: at 23 mm it's comparable to the Australian dollar (25 mm) and the New Zealand dollar (23 mm) but the thickness is equivalent to the current British pound coin. Traders will often accept a real dollar (regardless of its country) as an equivalent to local currency.
Further Information
Get more info on 'Vanuatu Vatu'.
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