MRO (Mauritanian Ouguiya)

DEFINITION of 'MRO (Mauritanian Ouguiya)'

The currency abbreviation or currency symbol for the Mauritanian ouguiya (MRO), the currency for Mauritania. The Mauritanian ouguiya is made up of 5 khoums (Arabic for "one fifth") and is often presented with the symbol UM. Khoum and 1 ouguiya coins are rarely used in Mauritania, do to their low value.

BREAKING DOWN 'MRO (Mauritanian Ouguiya)'

The Mauritanian ouguiya was first seen in 1973 when it replaced the CFA franc, the currency of the twelve formerly French controlled African countries, at a rate 5 to 1. The ouguiya, along with the Malagasy ariary (the currency of Madagascar), is one of only two currencies in circulation today that is non-decimal based. Both are divided into 5 sub-units rather than ten.