Vanuatu vatu
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The vatu (ISO 4217: VUV, sometimes Vt) is the official currency of Vanuatu. It was introduced in 1983, after independence, to replace the New Hebrides franc at par. The vatu's introduction also saw the end of the official circulation of the Australian dollar in Vanuatu. The vatu has no subdivisions.
Coins
- Nickel brass: 1 vatu (16 mm) ; 2 vatu (19 mm) ; 5 vatu (23 mm)
- Cupronickel : 10 vatu (24 mm) ; 20 vatu (28 mm) ; 50 vatu (33 mm, a large coin)
- Nickel brass: 100 vatu (23 mm)
Banknotes
- Notes come in denominations of 100, 200, 500, 1000 and 5000 vatu.
\"Dollar\"
Local residents sometimes refer to a notional dollar, equal to 100 vatu, without specifying which country's currency they have in mind. This stems from the period 1966–1973, when the New Hebrides franc was pegged to the Australian dollar at a rate of 100 francs = 1 dollar. Although no relationship currently exists, it simplifies thinking in the larger numbers which a low-value unit causes. For example, the Government's budget of 6,000,000,000 VUV is in fact only about 50,000,000 USD.The concept of this notional dollar is supported by the size of the 100 vatu coin: at 23 mm it is comparable to the Australian dollar (25 mm) and the New Zealand dollar (23 mm), two major sources of Vanuatu expatriates and tourists. Traders will often accept a real dollar (regardless of its country) as an equivalent to local currency.
The value of the vatu floats, but is reputed to be pegged to a fixed but secret basket of currencies.
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