Mauritania revamps currency in anti-inflation fight

2018-01-02 11:32

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Nouakchott - Small lines formed at banks in Mauritania on New Year's Day as customers withdrew new banknotes and swapped cheque books after the government revamped the currency, the ouguiya, in a bid to fight inflation.

Ten ouguiyas became one ouguiya as of January 1, requiring new banknotes and a six-month phasing out of the old ones, starting with the largest denomination of 5000 ouguiya ($14.10).

President Mohamed Ould Abdel Aziz announced the change on November 28, the West African state's national holiday.

The revamp, he said, would the ouguiya "to resume its place in financial transactions, to protect the public's purchasing power and to reduce the amount of currency in circulation."

The new polymer notes are being touted as stronger, longer-lasting and more difficult to force.

In December, BCM Governor Abdel Aziz Ould Dahi denied rumours that the ouguiya was being devalued, insisting it would "retain its value, and purchasing power will be unaffected".

The ouguiya had lost ground against the US dollar and euro on the black market in the months before the announcement, and the trend accelerated afterwards, as people sought foreign currency.

The last currency overhaul in Mauritania was in 2004, when the country replaced all banknotes in circulation since 1974.

Read more on:    mauritania  |  west africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.