Mauritian rupee
From Wikipedia, the free encyclopedia
| ISO 4217 Code | MUR |
| User(s) | Mauritius |
| Inflation | 5.6% |
| Source | The World Factbook, 2005 est. |
| Subunit | |
| 1/100 | cent |
| Symbol | Rs or ₨ |
| Coins | 1, 5, 10 rupees |
| Banknotes | 25, 50, 100, 200, 500, 1000, 2000 rupees |
| Central bank | Bank of Mauritius |
| Website | bom.intnet.mu |
The rupee is the currency of Mauritius. It is divided into 100 cents. The code of this currency is MUR.
The rupee was introduced into Mauritius in 1877, replacing the Indian rupee, sterling and the Mauritian dollar, with the Mauritian rupee equal to one Indian rupee or half a Mauritian dollar. The pound was worth 10¼ rupees at that time.
Until 1934, the Mauritian rupee was directly tied to the Indian rupee. Although the denominations of the Indian rupee before decimalization in 1957 consisted of 3 Pies = 1 Pice (Paisa), 4 Pice = 1 Anna and 16 Anna = 1 Rupee, from the start Mauritius opted for the centesimal system of 100 cents to the rupee. The Mauritian currency also circulated in the Seychelles until 1914, when it was replaced by the Seychellois rupee at par.
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[edit] History
The rupee was established by law in 1876 as the local currency of Mauritius. The reason for this choice, even if the country was then a British dependency, was the massive inflow of Indian rupees following Indian immigration to Mauritius. Sterling banknotes previously issued by the Treasury were withdrawn from circulation and replaced by 5, 10 and 50 rupees notes.
In 1934, a peg to sterling replaced the peg to the Indian rupee, at the rate of 1 rupee = 1 shilling 6 pence (the rate to which the Indian rupee was also pegged).[1] This year also saw the first issue of silver ¼, ½ and 1 rupee coins. Silver coins were issued until 1946, with the first base metal replacements being issued in 1950.
As from 1966, Bank of Mauritius has been responsible for the issue of Mauritian rupee notes and coins. The Bank of Mauritius issued its first notes in 1967, comprising 4 denominations: 5, 10, 25 and 50 Mauritian Rupees. This set of banknotes went through four issues whose only variations which varied only in the signatures of the Governors and the Managing Directors of the Bank of Mauritius appointed during that period.
The Bank of Mauritius made its fifth issue 1985, which consisted of a complete new set of banknotes of 5, 10, 20, 50, 100, 200, 500 and 1000 rupees. A close study of these banknotes reveals an interesting array of subsets which were printed by two banknote printing companies. The notes were also designed at different time periods as there are very few identical and consistent design features appearing on all the denominations. Varying banknote numbering systems, different types of security threads, variations in the design and size of the Mauritian Coat of Arms, different ultraviolet light latent printing, inconsistent variations in the size incrementation between the denominations and multiple different typesets are just a few of the differences. This issue lasted up to 1998.
In 1987, all new circulation coins bore the portrait of Sir Seewoosagur Ramgoolam, which replaced the portrait of Queen Elizabeth II.
In 1998, The Bank of Mauritius made a sixth issue of banknotes consisting of 7 denominations, viz. 25, 50, 100, 200, 500, 1,000 and 2,000 rupees. These banknotes had a standard format and were all issued simultaneously in November 1998. All the banknotes of this issue were printed in England by “Thomas de la Rue Limited”. These banknotes were withdrawn from circulation in June 1999 following controversies.
The Bank of Mauritius made its seventh issue of banknotes, which is still current, after June 1999.
[edit] The Bank of Mauritius (Central Bank)
The Bank of Mauritius was established in September 1967 as the Central Bank of Mauritius. It was modelled on the Bank of England and was, in effect, set up with the assistance of senior officers of the Bank of England.
[edit] Board of Commissioners of Currency
Before the establishment of the Bank, the currency issue was managed by a Board of Commissioners of Currency. The duties of the Board were restricted to those of an issuing authority.
The setting up of the Bank of Mauritius marked the beginning of a new phase in the monetary history of Mauritius, with the monetary system moving forward from the stage of 'Sterling Exchange Standard', under which currency was issued in exchange for sterling at a fixed rate of exchange, to that of a 'managed currency' in which the discretionary role of the monetary authority becomes important.
[edit] Objectives of the Bank
The Bank of Mauritius Act 1966 (as amended) lays down the purposes of the Bank which are to 'safeguard the internal and external value of the currency of Mauritius and its internal convertibility' and to 'direct its policy towards achieving monetary conditions conducive to strengthening the economic activity and prosperity of Mauritius.'
The Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions. It also has responsibility for safeguarding the stability and strengthening of the financial system of Mauritius.
[edit] Coins
- 1 rupee
- 5 rupees
- 10 rupees
[edit] Commemorative Coins
| Commemoration | Coin Type | Issue date | Denomination (Rs) | Weight (g) | Diameter (mm) |
| 10th anniversary of the independence of Mauritius | Silver non-proof | April 1978 | 25 | 38.61 | 38.61 |
| 50th anniversary of the wedding of Queen Elizabeth II and Prince Philip | Silver proof | May 1998 | 20 | 28.28 | 38.61 |
| 150th anniversary of the setting up of the Mauritius Chamber of Commerce & Industry | Gold proof | January 2000 | 1000 | 17 | 31.00 |
| 150th anniversary of the setting up of the Mauritius Chamber of Commerce & Industry | Silver proof | January 2000 | 10 | 28.28 | 38.60 |
| Centenary of the arrival of Mahatma Gandhi in Mauritius | Silver proof | November 2001 | 100 | 36.76 | 44 |
[edit] Banknotes
[edit] Common Design Features
FRONT
- Each denomination bears a hand engraved portrait of a prominent Mauritian figure, which appears on the left.
| Denomination | Portrait | Vignette |
| 25 rupees | Sir Moilin Jean Ah-Chuen | Rodrigues |
| 50 rupees | Mr Joseph Maurice Paturau | Le Caudan |
| 100 rupees | Mr Renganaden Seeneevassen | Court House |
| 200 rupees | Sir Abdool Razack Mohamed | Mauritian Market |
| 500 rupees | Mr Sookdeo Bissoondoyal | University of Mauritius |
| 1000 rupees | Sir Charles Gaëtan Duval | State House |
| 2000 rupees | Sir Seewoosagur Ramgoolam | Bull & Sugarcane Cart |
- There is also a drawing of the Bank of Mauritius building and a portrayal of the statue of justice on each of the denominations.
- Below the denominational value in the top right hand corner is a feature to aid the visually impaired. This is in addition to the differences in sizes between the banknotes of various denominations.
BACK
- Each denomination carries a different vignette, depicting various aspects of Mauritius.
[edit] Common features for authenticity verification
- The feel of banknotes paper
- Three-dimensional watermark in the form of a dodo: when held up to the light the head of the dodo can be clearly viewed.
- See-through in the form of a conch shell: this image completes when viewed against direct light.
- Windowed security thread reading “Bank of Mauritius” when held up to the light, this can be seen as a continuous band running through the paper. Viewed flat, the metallic areas can be seen on the surface of the paper.
- Engraved Portrait in Intaglio ink.
- Latent image: when viewed at eye level, the image of “BM” becomes visible.
- Micro-text reading “BM”: under a magnifying glass these letters are clear to see.
- Under ultra-violet light: figures corresponding to the face value of the banknote become apparent.
[edit] 100, 200, 500, 1000, 2000 rupee notes
Iridescent band in gold: when held under the light, this band visualizes and disappears when the viewing angle is changed.
[edit] 100, 200 rupee notes
Silver metallic ink: dull silver metallic band running from top to bottom on front, left of note. Metallic strip also beneath top right value numeral.
[edit] 500, 1000 rupee notes
Silver Foil: two different images, value numeral or geometric shape, can be seen when viewed from different angles.
[edit] 2000 rupee note
Hologram containing images of the dodo and the value “2000”
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[edit] External links
| Preceded by: Indian rupee, British pound, Mauritian dollar Ratio: both rupees = 0.5 dollar or 10¼ rupee = 1 pound |
Currency of Mauritius 1877 – |
Succeeded by: Current |
| Currency of Seychelles 1877 – 1914 |
Succeeded by: Seychellois rupee Reason: became a separate crown colony in 1903 Ratio: at par |
| Rupees | |
|---|---|
| Current | Indian rupee | Indonesian rupiah | Maldivian rufiyaa | Mauritian rupee | Nepalese rupee | Pakistani rupee | Seychellois rupee | Sri Lankan rupee |
| Defunct | Afghan rupee | Bhutanese rupee | Burmese rupee | Danish Indian rupee | (British) East African rupee | French Indian rupee | German East African rupie | Gulf rupee | Hyderabad rupee | Italian Somaliland rupia | Netherlands Indian roepiah | Portuguese Indian rupia | Riau rupiah | Travancore rupee | West New Guinean rupiah | Zanzibari rupee |
| Fictional | Hyrulean rupee |
| See also | History of the rupee |
