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Mauritius is one among the swift developing nations in the world. It acquired its independence in 1968, but gained recognition as a republic in 1992.
This recognition was delayed owing to the slow development rate in the country prior to 1992. However, now Mauritius appears to be more promising. It is now a middle-income economy having diversified outlook. The industrial, financial and tourist sectors of Mauritius appear stronger than earlier times and are the backbone of the economy.
Mauritius rupee is the official currency unit and the two African countries, Mauritius and Seychelles use rupee as their currency. In 1934, this currency was launched and was directly pegged to the British pound sterling.
However, now it has a free float rate of exchange regime. The export import restricts are of concern as they cannot import local currency over 700 MUR and export more than 350 MUR.
Structure of the coins
Mauritius rupee is one among the three rupee denominated currencies in the world. The flow of currency was handled by Bank of Mauritius in the country and it performed the role right from the time it was established in 1966. At present the currency circulating has 13 face values such that they are paper notes in 7 values and the balance 6 are in coin form.
The smaller denominations are in coins and the values are 5, 20 and 50 cents, rupee 1, 5 and 10 rupees. The cents coins are not seen much in circulation, but the 3 rupee coin is used in daily transactions. The coins on the front side have Seewoosagur Ramgoolam image, also called as the Father of the Mauritius nation.
The reverse sides have symbolic images such as 5 and 20 cent coins have value of the coin, country name and year of minting, 50 cent coin has a deer picture, 1 rupee coin has coat of arms, 5 rupee coin has image of palm trees and sea and 10 rupee coin has laborer cutting sugarcane. All the coins are round in shape, but for 10 rupee coin that is heptagonal in shape.
Mauritius Rupee, the paper currency is in denominations 25, 50, 100, 200, 500, 1000 and 2000 rupees. The front sides have images of important people related to Mauritius history.
The front sides also have pictures of statue of justice and Bank of Mauritius building. The reverse sides show illustrations depicting various Mauritius aspects and their respective values written in Indian numerals such as Hindi, Tamil and Gujarati. The notes differ in colors and sizes.