Mauritian rupee

Mauritian rupee
Avedeus · CC BY-SA 3.0 · source
Name	Mauritian rupee
Iso code	MUR
Introduced	1876
Subunit name	cent
Subunit ratio	100
Issuing authority	Bank of Mauritius
Used in	Mauritius

Mauritian rupee is the currency of Mauritius and serves as the legal tender for transactions across the island nation, circulating alongside foreign exchange held by the Bank of Mauritius and used in trade with partners such as India, China, France, South Africa, and United Arab Emirates. The currency was introduced during the colonial era under the influence of the British Empire and later adapted through policies shaped by authorities including the United Kingdom, Commonwealth of Nations, International Monetary Fund, World Bank, and regional actors like the African Development Bank. Contemporary uses of the currency intersect with institutions like the Mauritius Stock Exchange, Tourism Authority (Mauritius), Air Mauritius, Port Louis commerce, and financial links to centers such as London, Mumbai, Beijing, Paris, and Johannesburg.

History

The origins of the currency trace to late 19th-century reforms influenced by the British Indian rupee circulation, colonial administrators from the Colonial Office (United Kingdom), and legal frameworks involving the Indian Ocean. Early policy changes involved figures and institutions such as Sir John Pope Hennessy, the Crown Colony system, the Mauritius Commercial Bank, the Sugar Industry stakeholders, and trade networks connecting Réunion, Seychelles, Madagascar, Rodrigues Island, and Port Louis harbour. During the 20th century, episodes such as World War I and World War II prompted interventions by the War Office (UK), HM Treasury, and postwar bodies like the International Monetary Fund and United Nations that influenced convertibility, pegging, and reparative adjustments. Independence in 1968 involved negotiations with entities including the Independence of Mauritius process, leaders like Sir Seewoosagur Ramgoolam, policy coordination with the Commonwealth Secretariat, and eventual establishment of the Bank of Mauritius as issuing authority in the 1960s and 1970s. Later developments saw reforms paralleling trends in globalisation, responses to crises analogous to the 1997 Asian financial crisis, and bilateral arrangements with partners such as India and France.

Coins and Banknotes

Coinage designs have featured notable imagery related to local heritage, including references to figures and places such as Aapravasi Ghat, Port Louis Prison, Dodo (bird), Sir Seewoosagur Ramgoolam, Prince Maurice, and symbols tied to industries represented by Sugarcane, Tea (Camellia sinensis), Cane Fields, and maritime motifs from Port Louis. Banknotes have displayed portraits and motifs associated with personalities and institutions like Mauritius Postal Museum, National History Museum (Mauritius), Sir Abdool Razack Mohamed, Judicial Committee of the Privy Council, and depictions of infrastructure such as SS Commerce and Old Government House (Mauritius). Mintage and production involved external printers and refineries including firms tied to Royal Mint, De La Rue, Thomas De La Rue, Giesecke+Devrient, and refinery links to London bullion market and Rand Refinery. Numismatic series have been catalogued by collectors and scholars connected to societies like the Royal Numismatic Society, American Numismatic Association, and regional museums in Port Louis and Curepipe.

Monetary Policy and Issuance

Monetary policy has been conducted by the Bank of Mauritius with statutory mandates interacting with international frameworks such as the International Monetary Fund, World Bank, Commonwealth of Nations guidelines, and bilateral accords with India and multilateral lenders like the African Development Bank. Policy instruments have included reserve requirements, open market operations, coordination with commercial banks including Mauritius Commercial Bank, State Bank of Mauritius, Barclays Bank (Mauritius), and interventions on foreign exchange markets in Port Louis. Governance has been influenced by central bank governors appointed under statutes involving the Mauritian Parliament, oversight comparable to central banks in jurisdictions like Reserve Bank of India, Bank of England, and South African Reserve Bank, with periodic reviews in response to inflationary episodes, external shocks, and fiscal interactions with ministries such as the Ministry of Finance (Mauritius).

Exchange Rates and Economy

Exchange rate arrangements for the currency have ranged from pegs and managed float practices in relation to currencies like the US dollar, Euro, Indian rupee, South African rand, and Pound sterling, affecting trade balances with partners including India, China, United Kingdom, France, and South Africa. Macroeconomic indicators tracking GDP, inflation, balance of payments, and foreign reserves from institutions such as the International Monetary Fund and World Bank influence policy, alongside sectors driving demand for the currency like Tourism Authority (Mauritius), Sugar Industry, Financial Services Commission (Mauritius), Information and Communication Technologies Authority (ICTA), and Offshore finance activities linked to Global Business licences. Historical exchange shifts were affected by external events featuring actors such as Asian financial crisis (1997), Global financial crisis (2008), and bilateral trade negotiations with India and European Union.

Commemorative and Special Issues

Commemorative issues have marked anniversaries and events tied to institutions and personalities such as Independence of Mauritius (1968), National Day (Mauritius), Sir Seewoosagur Ramgoolam, Aapravasi Ghat UNESCO recognition, and milestones for bodies like the Mauritius Postal Museum and Mauritius Broadcasting Corporation. Special mintings and limited banknote runs were produced to celebrate exhibitions at venues like Blue Penny Museum, sporting occasions involving teams like Mauritius national football team, and diplomatic visits from leaders associated with India, France, and United Kingdom. Collectors and investors reference auctions and catalogues held by houses connected to Sotheby's, numismatic dealers in London, Paris, and regional sales in Port Louis and Curepipe.

Category:Currencies of Africa