The term "Mauritanian Monetary Unit" refers to the official currency of the Islamic Republic of Mauritania, a country located in Northwest Africa. The Mauritanian Monetary Unit, commonly known as the Ouguiya, is the legal tender and medium of exchange used in financial transactions within Mauritania. Introduced in 1973, the Ouguiya is governed by the Central Bank of Mauritania, which has the authority to issue, regulate, and maintain the country's currency.
The Ouguiya is subdivided into smaller units called khoums, with one Ouguiya being equivalent to five khoums. The currency is denoted by the currency code "MRO" and the symbol "UM." The banknotes used in Mauritania include denominations of 100, 200, 500, 1,000, and 5,000 Ouguiyas, while the coins in circulation come in values of 1 khoum, 5 khoums, 10 khoums, 20 Ouguiyas, and 50 Ouguiyas.
As a legal tender, the Mauritanian Monetary Unit serves as a medium of exchange, allowing individuals and businesses to conduct transactions, both domestically and internationally, within the country's borders. Its exchange rate determines the value of the Ouguiya in relation to other currencies. It is important for residents, visitors, and investors alike to be aware of the Mauritanian Monetary Unit's value and fluctuations to make informed financial decisions when conducting transactions in Mauritania.
