Maldivian rufiyaa

For other uses, see MVR (disambiguation).

Maldivian rufiyaa
ދިވެހި ރުފިޔާ (Dhivehi)
100 rufiyaa note 1 rufiyaa coin
ISO 4217 code	MVR
User(s)	Maldives
Inflation	7.3%
Source	The World Factbook, June 2009 est.
Subunit
1/100	laari
Symbol	Rf, MRf, or .ރ
Coins	1 laari, 5 laari, 10 laari, 25 laari, 50 laari , Rf 1, Rf 2
Banknotes	Rf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100, Rf. 500
Central bank	Maldives Monetary Authority
Website	www.mma.gov.mv
Printer	De La Rue PLC
Website	www.delarue.com
Mint	Ministry of Finance and Treasury
Website	www.finance.gov.mv

The rufiyaa (Dhivehi: ދިވެހި ރުފިޔާ) 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 rupiyaa (रुपया), ultimately from Sanskrit rupya (रूप्य; wrought silver). The mid point 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 ^[1]

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.

Maldivian coins from the 17th and 18th century.

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" (Dhivehi: ކަނޑާއި އެއްގަމުގެ ރަސްގެފާނު، މަތިވެރި އިސްކަންދަރު) 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 engravements. 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

Maldivian coins

Main article: Coins of the Maldivian rufiyaa

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 (Arabic: الدولة المحلديبية, State of Maldives) 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^{[citation needed]} 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

1983 100 rufiyaa

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 in 1947. In 1951, 50 and 100 rufiyaa 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.

1983 series
Image		Value	Main Colour	Dimensions	Description		Date of issue
Obverse	Reverse				Obverse	Reverse
		5 rufiyaa	Violet	70mm x 150mm	Illustration of a bunch of coconuts and the "Dhivehi Odi" is common on the front of all banknotes in circulation. The coconut is widely used in the Maldives. The "Dhivehi Odi" built of coconut timber was used for inter island transport.	FISHING; The means of sustenance of the nation since time immemorial	1983
		10 rufiyaa	Brown			ISLAND LIFE; A garland of widely scattered tiny islands has evolved a life of subsistence for the islanders
		20 rufiyaa	Pink			INNER HARBOUR MALE'; The centrifuge of commercial activity in the country
		50 rufiyaa	Blue			BAZAR IN MALE'; Buzzing with movement all day long
		100 rufiyaa	Green			"MEDHUZIYAARAIY"; A revered symbol of proud history
		500 rufiyaa	Red			ISLAMIC CENTRE AND MOSQUE; Emblazons the Islamic faith and unity of the nation	1990
For table standards, see the banknote specification table.

Current MVR exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD SGD THB
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From OzForex:	AUD CAD CHF EUR GBP HKD JPY USD SGD THB
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD SGD THB
From OANDA.com:	AUD CAD CHF EUR GBP HKD JPY USD SGD THB

See also

• Currency of Maldives
• Economy of Maldives

References

1. ^ as at 10 April 2011 MMA – announcement
2. ^ [1] After Lar in modern day Iran where it was first minted^{[dead link]}

• MMA (Dhivehi) Publication, 1983. ދިވެހި ރާއްޖޭގެ ފައިސާ (Maldivian Currency)

External links

• Currency in Circulation, Maldives Monetary Authority

• Official Exchange Rates