Exchange Currency
Maldivian Rufiyaa
The rufiyaa is the currency of the Maldives. Determining the rate for the US Dollar and the issuance of the currency is controlled by the Maldives Monetary Authority (MMA). The most commonly used symbols for the rufiyaa are MRF and Rf. The ISO 4217 code for Maldivian rufiyaa is MVR. The rufiyaa is subdivided into 100 laari.
The name "rufiyaa" is derived from the Hindi word rufiyaa, ultimately from Sanskrit rufiyaa. The midpoint of exchange rate is 12.85 Rufiyaa and the rate is permitted to fluctuate within the ± 20% band, i.e. between 10.28 Rufiyaa and 15.42 Rufiyaa.
During the 17th and 18th centuries, lärin[2] (parallel straps of silver wire folded in half with dyed Persian and Arabic inscriptions) were imported and traded as currency. This form of currency was used in the Persian Gulf, India, Ceylon and the Far East during this time. Historians agree that this new form of currency was most probably exchanged for cowry shells and indicates Maldives’ lucrative trade with these countries. The first Sultan to imprint his own seal onto this currency was Ghaazee Mohamed Thakurufaanu Al Auzam. The seal was much broader than the wires hence it was barely legible.
The first known of coins were introduced by Sultan Ibrahim Iskandar (1648–1687). Compared to the previous forms of money, these coins were much neater and minted in pure silver. The coins were minted in the capital city of Malé, a fact which it acknowledged on the reverse. The legend "King of Land and Sea, Iskandhar the Great" is found on the edge.
After this period, gold coins replaced the existing silver ones during the reign of Sultan Hassan Nooruddin in 1787. He used two different qualities of gold in his coins; one was called Mohoree and the other Baimohoree, of which the former is of higher value. How this gold was obtained is uncertain.
Throughout the nineteenth and early twentieth centuries, bronze coins were issued denominated in laari. Sultan Mohamed Imaadhudheen IV (1900–1904) introduced what historians believe to be the first machine struck coins, judging the superior quality of the engravings. His successor Sultan Mohamed Shamshudeen III (1904–1935) made the last of these coins, 1 and 4 laari denominations, which were struck in the United Kingdom by Heaton's Mint, Birmingham, England in 1913.
Following the end of coin production specifically for the Maldives, the Sultanate came to use the Ceylonese rupee. This was supplemented in 1947 by issues of banknotes denominated in rufiyaa, equal in value to the rupee. In 1960, coins denominated in laari, now worth one hundredth of the rufiyaa, were introduced.
The newly established central bank, the Maldives Monetary Authority (MMA), introduced the 1 rufiyaa coin on 22 January 1983. The coin was made from steel clad copper nickel and was minted in West Germany. In 1984, a new series of coins was introduced which did not include the 2 laari denomination. In 1995, 2 rufiyaa coins were introduced. Coins currently in circulation are 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, 1 rufiyaa, 2 rufiyaa.
The current series of banknotes was issued in 1983 in denominations of 2, 5, 10, 20, 50 and 100 rufiyaa. 500 rufiyaa notes were added in 1990, with the 2 rufiyaa replaced by a coin in 1995.
Half rufiyaa and two rufiyaa banknotes that were replaced by coins in the late 1900s.
Illustrations on the banknotes were done by Maizan Hassan Manik and Abbaas (Bamboo).
The name "rufiyaa" is derived from the Hindi word rufiyaa, ultimately from Sanskrit rufiyaa. The midpoint of exchange rate is 12.85 Rufiyaa and the rate is permitted to fluctuate within the ± 20% band, i.e. between 10.28 Rufiyaa and 15.42 Rufiyaa.
Summary info
Summary information about Maldivian rufiyaa- ISO 4217 Code:
- MVR
- Currency sign:
- Rf
- Country:
- Maldives
- Subunit:
- laari
- Coins:
- 1 laari, 5 laari, 10 laari, 25 laari, 50 laari, 1 rufiyaa, 2 rufiyaa
- Banknotes:
- 5 rufiyaa, 10 rufiyaa, 20 rufiyaa, 50 rufiyaa, 100 rufiyaa, 500 rufiyaa
- Central bank:
- Maldives Monetary Authority
History
The earliest form of currency used in the Maldives was cowry shells (Cypraea moneta) and historical accounts of travellers indicate that they were traded in this manner even during the 13th century. Ibn Batuta (AD 1344) observed that more than 40 ships loaded with cowry shells were exported each year. A single gold dinar was worth 400,000 shells.During the 17th and 18th centuries, lärin[2] (parallel straps of silver wire folded in half with dyed Persian and Arabic inscriptions) were imported and traded as currency. This form of currency was used in the Persian Gulf, India, Ceylon and the Far East during this time. Historians agree that this new form of currency was most probably exchanged for cowry shells and indicates Maldives’ lucrative trade with these countries. The first Sultan to imprint his own seal onto this currency was Ghaazee Mohamed Thakurufaanu Al Auzam. The seal was much broader than the wires hence it was barely legible.
The first known of coins were introduced by Sultan Ibrahim Iskandar (1648–1687). Compared to the previous forms of money, these coins were much neater and minted in pure silver. The coins were minted in the capital city of Malé, a fact which it acknowledged on the reverse. The legend "King of Land and Sea, Iskandhar the Great" is found on the edge.
After this period, gold coins replaced the existing silver ones during the reign of Sultan Hassan Nooruddin in 1787. He used two different qualities of gold in his coins; one was called Mohoree and the other Baimohoree, of which the former is of higher value. How this gold was obtained is uncertain.
Throughout the nineteenth and early twentieth centuries, bronze coins were issued denominated in laari. Sultan Mohamed Imaadhudheen IV (1900–1904) introduced what historians believe to be the first machine struck coins, judging the superior quality of the engravings. His successor Sultan Mohamed Shamshudeen III (1904–1935) made the last of these coins, 1 and 4 laari denominations, which were struck in the United Kingdom by Heaton's Mint, Birmingham, England in 1913.
Following the end of coin production specifically for the Maldives, the Sultanate came to use the Ceylonese rupee. This was supplemented in 1947 by issues of banknotes denominated in rufiyaa, equal in value to the rupee. In 1960, coins denominated in laari, now worth one hundredth of the rufiyaa, were introduced.
Coins
In 1960, Sultan Mohamed Fareed I ordered coins from the Royal Mint in England. The new issue consisted of denominations of 1, 2, 5, 10, 25 and 50 laari. Unlike his predecessors, Sultan Fareed did not embellish his title on the coins; instead he used the National Emblem on the reverse side with the traditional title of the state and the denomination value on the obverse side. The currency was put into circulation in February 1961 and all the previously traded coins, with the exception of Shamshudeen III's 1 and 4 laari, were withdrawn from circulation on 17 June 1966.The newly established central bank, the Maldives Monetary Authority (MMA), introduced the 1 rufiyaa coin on 22 January 1983. The coin was made from steel clad copper nickel and was minted in West Germany. In 1984, a new series of coins was introduced which did not include the 2 laari denomination. In 1995, 2 rufiyaa coins were introduced. Coins currently in circulation are 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, 1 rufiyaa, 2 rufiyaa.
Banknotes
In 1945, the People's Majlis (Parliament) passed bill number 2/66 on the "Maldivian Bank Note". Under this law, notes for ½, 1, 2, 5 and 10 rufiyaa were printed and put into circulation on 5 September 1948. In 1951, 50 and 100 rufiyaa notes were introduced.The current series of banknotes was issued in 1983 in denominations of 2, 5, 10, 20, 50 and 100 rufiyaa. 500 rufiyaa notes were added in 1990, with the 2 rufiyaa replaced by a coin in 1995.
Half rufiyaa and two rufiyaa banknotes that were replaced by coins in the late 1900s.
Illustrations on the banknotes were done by Maizan Hassan Manik and Abbaas (Bamboo).
MVR banknotes pictures gallery
| 5 Maldivian rufiyaa | |
|---|---|
| Banknote of 5 Maldivian rufiyaa has dimensions 150×70 mm and main colors are rose quartz, mountbatten pink, pale aqua, pale silver, gray and splashed white. The banknote of 5 Maldivian rufiyaa was issued in 2006. | |
 Obverse side of the 5 Maldivian rufiyaa is showing a bunch of coconuts and the "Dhivehi Odi". The coconut is widely used in the Maldives and the "Dhivehi Odi" built of coconut timber was used for inter island transport. |
 Reverse side of the 5 Maldivian rufiyaa is showing the means of sustenance of the nation since time immemorial. |
| 10 Maldivian rufiyaa | |
|---|---|
| Banknote of 10 Maldivian rufiyaa has dimensions 150×70 mm and main colors are dark gray, beaver, camouflage green, cinereous, grullo, timberwolf and pastel brown. The banknote of 10 Maldivian rufiyaa was issued in 2006. | |
 Obverse side of the 10 Maldivian rufiyaa is showing a bunch of coconuts and the "Dhivehi Odi". The coconut is widely used in the Maldives and the "Dhivehi Odi" built of coconut timber was used for inter island transport. |
 Reverse side of the 10 Maldivian rufiyaa is showing a garland of widely scattered tiny islands has evolved a life of subsistence for the islanders. |
| 20 Maldivian rufiyaa | |
|---|---|
| Banknote of 20 Maldivian rufiyaa has dimensions 150×70 mm and main colors are sand, turkish rose, bazaar, pastel purple and timberwolf. The banknote of 20 Maldivian rufiyaa was issued in 2000. | |
 Obverse side of the 20 Maldivian rufiyaa is showing a bunch of coconuts and the "Dhivehi Odi". The coconut is widely used in the Maldives and the "Dhivehi Odi" built of coconut timber was used for inter island transport. |
 Reverse side of the 20 Maldivian rufiyaa is showing the image "INNER HARBOUR MALE", the centrifuge of commercial activity in the country. |
| 50 Maldivian rufiyaa | |
|---|---|
| Banknote of 50 Maldivian rufiyaa has dimensions 150×70 mm and main colors are grullo, dark khaki, trolley grey, aurometalsaurus and light gray. The banknote of 50 Maldivian rufiyaa was issued in 2000. | |
 Obverse side of the 50 Maldivian rufiyaa is showing a bunch of coconuts and the "Dhivehi Odi". The coconut is widely used in the Maldives and the "Dhivehi Odi" built of coconut timber was used for inter island transport. |
 Reverse side of the 50 Maldivian rufiyaa is showing the image: "BAZAR IN MALE", buzzing with movement all day long. |
| 100 Maldivian rufiyaa | |
|---|---|
| Banknote of 100 Maldivian rufiyaa has dimensions 150×70 mm and main colors are camouflage green, dim gray, olivine, khaki, timberwolf and grullo. The banknote of 100 Maldivian rufiyaa was issued in 2000. | |
 Obverse side of the 100 Maldivian rufiyaa is showing a bunch of coconuts and the "Dhivehi Odi". The coconut is widely used in the Maldives and the "Dhivehi Odi" built of coconut timber was used for inter island transport. |
 Reverse side of the 100 Maldivian rufiyaa is showing the image with "MEDHUZIYAARAIY", a revered symbol of proud history. |
| 500 Maldivian rufiyaa | |
|---|---|
| Banknote of 500 Maldivian rufiyaa has dimensions 150×70 mm and main colors are melon, dark salmon, moss green, ivory, desert sand, lavender gray and pale chestnut. The banknote of 500 Maldivian rufiyaa was issued in 1990. | |
 Obverse side of the 500 Maldivian rufiyaa is showing a bunch of coconuts and the "Dhivehi Odi". The coconut is widely used in the Maldives and the "Dhivehi Odi" built of coconut timber was used for inter island transport. |
 Reverse side of the 500 Maldivian rufiyaa is showing the ISLAMIC CENTRE AND MOSQUE, emblazons the Islamic faith and unity of the nation. |
Useful links
- About Maldives Monetary Authority:
- Maldives Monetary Authority
- List of currencies:
- Currencies
- Security and design features of MVR banknotes:
- MVR banknotes
- MVR currency on Wikipedia:
- Maldivian rufiyaa
- Official Website of Maldives Monetary Authority:
- www.mma.gov.mv
- Commemorative coins:
- Commemorative Coins