What is MRO’
MRO is an acronym used in the context of the global currency as a symbol of the Ouguiya, sometimes also written as Ougiya.
BREAKING DOWN THE ‘MRO’
MRO is the official currency of the country of Mauritania, a country in Northwest Africa, located on the coast of the Atlantic ocean. It consists of mostly desert landscape, and many of its inhabitants lead a nomadic nature and follow strict cultural traditions. The economy is mainly based on agriculture and most people depend on livestock for income and survival. In recent years, hunger and lack of sound economic leadership contributed to financial struggles for the nation.
In Ougiya was first introduced in 1973. Until then the people used the CFA franc, unit of currency, which is still used in several independent regions in the Central regions of Africa. In the currency world, Ougiya has an unusual feature. He has the rare distinction of being one of the few currency systems that are not digital currencies, i.e. has no units on the basis of the separation of ten.
In MRO and the foreign exchange market
The Forex market is a market where parties and organizations from all over the world can buy, sell and exchange different currencies from many regions. Also known as the foreign exchange market, the currency market is the largest financial market in the world with daily average volume of over 1 trillion U.S. dollars. International currency markets, to attract participants that include investors, companies, Central banks and financial institutions.
In the currency market of MRO is often exchanged for Euros. The Central Bank of Mauritania is in the process of adjustment of the currencies. This is the first issue of a new currency since the last update in 2004. The composition of some of the coinage was renewed in 2009 and 2010.
New ouguiya, which is ten times larger than its comparable version in the old system started to go into circulation in January 2018. Currency in circulation will be gradually shifted to new types of coins and banknotes for 2018. Government officials said that the new Currency will be more durable and less prone to tampering, making it more secure. Updated currency designs also have a more modern and innovative style.