vatu

noun

1. The national currency of Vanuatu.

   “The unit of currency is the vatu (VUV) with no minor unit. There are coins of 1, 2, 5, 10, 50 and 100 vatu, and notes of 100, 500, 1,000 and 5,000 vatu. In March 1996 UK£1 = 172 vatu; US$1 = 113 vatu and DM1 = 76.38 vatu.”

   “In November 1998 the Reserve Bank reintroduced the SRD^([Statutory Reserve Deposit]) at the rate of 10 percent on vatu deposits and reduced the PRA^([Prescribed Reserve Asset]) to 6 percent.”

   “2007, Island States: Small Island States Handbook, Volume 1: Development Strategy and Programs, International Business Publications, USA, page 145, One estimate in 2007 for the total value of cattle heads sold was 135 million vatu; cattle were first introduced into the area from Australia by British planter James Paddon.”