Mauritanian Ouguiya

Overview

The Ouguiya, or Ougiya, is the official currency of Mauritania. It is the only circulating currency other than the Malagasy Ariary whose subdivision units are not supported on a power of ten, and makes every Ouguiya to contain five khoums.

Economy

• The majority of the population in Mauritania depends entirely on agriculture and livestock as means of livelihood.
• Almost 50% of its exports stem from its many iron ore deposits. Due to the increase in metal prices, gold and copper mining companies have been established in the center of the country.
• Mauritania’s coastal waters are one of the richest fishing areas in the world, but over-exploitation by outsiders is a threat to this key source of revenue.
• In 1986, Mauritania opened its first deepwater port, near Nouakchott.
• In recent years, famine and economic mismanagement have lead into an increase in foreign debt.
• In March 1999, the Mauritanian government signed an agreement for $54 million with the World Bank/International Monetary Fund, under the Enhanced Structural Adjustment Facility (ESAF) program to drive GDP growth. Under the program, economic objectives were set for Mauritania; however privatization remains a major unresolved issue which may prevent them from meeting specified targets.

History

• In 1973, the Ouguiya was first introduced to replace the CFA Franc, at a rate of 1 Ouguiya = 5 Francs.
• The most recent issues of the Ouguiya were in 2003 and 2004. The coins were minted at Kremnica, Slovakia.
• In 2009, the coinage was changed, with a plated composition 1 Ouguiya. Bimetallic 20 and 50 Ouguiya coins were issued by December 2010.