Vanuatu Vatu

Overview

Economy

• Vanuatu is a member of Pacific Islands Forum, Melanesian Spearhead Group, Commonwealth, ACP.
• Main industries include: Food and fish freezing, Wood processing, Meat canning.
• Vanuatu is part of the World Trade Organization.
• Imports are machinery, equipment, foodstuffs, fuels.
• Major exports include copra, beef, cocoa, timber, kava, coffee.
• GDP: $1.0 billion (2023 est.).
• GDP per capita: $3,105 (2023 est.).
• Unemployment rate: 1.7% (1999 est.).
• Inflation rate: 2.8% (2023 est.).
• Main trading partners: Thailand, Japan, South Korea, China, Singapore, Australia.
• Trade agreements: PACER Plus, MSG Trade Agreement, Various bilateral agreements.

History

• Previous currencies used: New Hebrides franc, Australian pound, French franc.
• The vatu was introduced in 1982, replacing the New Hebrides franc after independence. The name 'vatu' means 'stone' in many local languages, referring to traditional stone money.
• 1980: Vanuatu independence from Britain and France
• 1982: Vatu introduced, replacing New Hebrides franc
• 1983: Reserve Bank of Vanuatu established
• 2015: Cyclone Pam devastating impact
• 2020: COVID-19 impact on tourism sector
• Exchange rate peg: Basket peg to major trading partner currencies.
• Currently pegged to Basket of currencies at Variable (approximately 118-120 VUV per USD).

General Information

• ISO 4217 Code: VUV
• Symbols: VUV/Vt
• Currency Subunits: No subdivision (whole units only)
• Central Bank: Reserve Bank of Vanuatu
• Monetary Policy: Exchange rate targeting using currency basket. Focus on maintaining stability for tourism-dependent small island economy.
• Bills: 200 VUV, 500 VUV, 1000 VUV, 2000 VUV, 5000 VUV, 10000 VUV
• Coins: 1 vatu, 2 vatu, 5 vatu, 10 vatu, 20 vatu, 50 vatu, 100 vatu
• USD Exchange Rate: Variable (approximately 118-120 VUV per USD)
• Pegged To: Basket of currencies at Variable (approximately 118-120 VUV per USD)
• Capital: Port Vila
• Population: 334,506 (2023 est.)
• Area: 12,189 km²
• Languages: Bislama (official), English (official), French (official), Local languages (over 100)
• Time Zones: UTC+11 (Vanuatu Time)
• Government Type: Parliamentary republic
• Head of Government: President (head of state), Prime Minister (head of government)
• Independence: July 30, 1980 (from France and United Kingdom)
• Ethnic Groups: Ni-Vanuatu 97.6%, Part Ni-Vanuatu 1.1%, Other 1.3%
• Religions: Protestant 70%, Roman Catholic 12.4%, Customary beliefs 3.7%, Other 12.6%, None 1.1%, Unspecified 0.2%
• Literacy Rate: 87.5% (2018 est.)
• Transport: Bauerfield Airport, inter-island flights, limited road network, ferry services
• Communications: Basic telecommunications, 25% internet penetration, mobile coverage on main islands
• Energy: Fossil fuels 70%, Hydroelectric 20%, Solar 10%
• Countries Using This Currency: Vanuatu
• Data Sources: Central Bank: Reserve Bank of Vanuatu (rbv.gov.vu), Economic Data: Vanuatu National Statistics Office, World Bank, IMF, Trade Data: Vanuatu Customs and Inland Revenue, Demographic Data: Vanuatu National Statistics Office, Geographic Data: Vanuatu Meteorology and Geo-Hazards Department, Historical Data: Reserve Bank of Vanuatu archives
• Last Updated: 2025