23/03/2020: COVID-19 Pandemic Impact
The rand experienced significant volatility and depreciation as a result of the COVID-19 pandemic, affecting the country's economy and trade balance.
15/02/2013: Launch of New MUR Banknotes
New series of Mauritian Rupee banknotes were launched, featuring enhanced security features and updated designs, reflecting the rich cultural heritage of Mauritius.
15/12/2008: Global Financial Crisis Impact
The rand plunged against major currencies due to the global financial crisis and concerns about South Africa's economic stability.
08/09/2007: Currency Reform and New Coinage System
A currency reform was implemented, introducing new coins denominated in cents, with the aim of streamlining and modernizing the monetary system.
09/11/2001: Rand Weakens to Record Low
The rand weakened to an all-time low against the US dollar, due to global economic uncertainty and domestic political concerns.
03/08/1999: Establishment of Bank of Mauritius
Bank of Mauritius Act was enacted, establishing the central bank responsible for the formulation and implementation of monetary policy in the country.
01/01/1995: Establishment of Reserve Bank Independence
The South African Reserve Bank gained independence, allowing it to have more control over monetary policy.
01/07/1994: Conversion to Decimal Currency System
Mauritian Rupee adopted the decimal currency system, replacing the previous pound-based system, with 1 Rupee consisting of 100 cents.
27/04/1994: First Democratic Elections
The first democratic elections were held in South Africa, marking the end of apartheid and bringing political stability, positively affecting the rand's value.
01/07/1992: Introduction of Polymer Banknotes
Polymer-based banknotes were introduced in Mauritius, replacing the traditional paper notes, to improve durability and security against counterfeiting.
01/08/1982: Currency Decimalization
The rand was decimalized, with 1 rand being equal to 100 cents.
01/10/1979: Decentralization of Currency Printing
Printing of Mauritian Rupee banknotes was decentralized from the Bank of England to Mauritius, leading to enhanced national monetary control.
12/06/1967: Introduction of Mauritian Rupee
Mauritian Rupee was introduced as the official currency replacing the Mauritian Pound, with an initial exchange rate of 1 Rupee to 10 Shillings.
14/09/1961: Introduction of the Rand
The South African rand was introduced as the official currency, replacing the South African pound.