Mauritius Rupee

Overview

The Rupee is the official currency of Mauritius. After the Indian immigration, the Indian Rupee was also used in Mauritius. The Rupee is subdivided into 100 cents, but cent coins are not in circulation.

Economy

• The Mauritius economy is based on tourism, financial services, textiles, and sugar exports. They are currently diversifying to enhance productivity and competiveness, as well as to support growth and job creation.
• The 2010 budget was focused on job creation and environmental and social development.
• For 2011, the main focus of the budget is on improving productivity, rebalancing economic growth, and consolidating social justice.

History

• In 1876, the Mauritius Rupee was first established as the official currency unit.
• In 1877, it was put into circulation, replacing the Indian Rupee, the Mauritian Dollar, and the British Pound Sterling. A Mauritian Rupee was equal to 1 Indian Rupee or ½ a Mauritian Dollar. The Pound Sterling was worth 10¼ Mauritian Rupees.
• The Mauritian Rupee was also used in the Seychelles until 1914; since then the Seychelles have used their official currency, the Seychellois Rupee, at par with the Mauritius Rupee.
• In 1934, the pegged Indian Rupee was replaced by the pegged Pound Sterling, with a rate of 1 Rupee = 1 Shilling 6 pence.
• Until 1979, 13 1/3 Rupees = equivalent to 1 Pound.