Mauritanian national currency Ouguiya gets new look and value
Mauritania Central Bank hopes to phase out all the old bank notes over the next six months
Mauritania national currency, the ouguiya, has gotten a new colourful make-over and worth.
As of 1st January 2018, the currency dropped a zero, meaning ten old ouguiya now equals one ouguiya.
Mauritania Central Bank hopes to phase out all the old bank notes over the next six months, starting with the largest denomination of 5000 Ouguiya.
The government says the move aims to protect purchasing power and reduce the amount of money in circulations.
President Mohamed Ould Abdel Aziz announced the change on November 28, the West African state's national holiday.
Citizens and Business people have welcomed the new ouguiya saying it would go a long way in dealing with inflation and reduce forgery.
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.
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