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The Maldivian rufiyaa ( dv, ދިވެހި ރުފިޔާ;
sign A sign is an object, quality, event, or entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign bears a causal relation to its object—for instance, thunder is a sign of storm, or me ...
: Rf or ;
code In communications and information processing, code is a system of rules to convert information—such as a letter, word, sound, image, or gesture—into another form, sometimes shortened or secret, for communication through a communication ...
: MVR) is the currency of the Maldives. The issuance of the currency is controlled by the Maldives Monetary Authority (MMA). The most commonly used symbols for the rufiyaa are MVR and Rf. The
ISO 4217 ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual cu ...
code for Maldivian rufiyaa is MVR. The rufiyaa is subdivided into 100 '' laari''. The name "rufiyaa" is derived from the Sanskrit रूप्य (''rūpya'', wrought silver). The midpoint of exchange rate is Rf. 12/85 per US dollar and the rate is permitted to fluctuate within a ±20% band, i.e. between Rf. 10/28 and Rf. 15/42 as of 10 April 2017.


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. As late as 1344, Ibn Batuta observed that more than 40 ships loaded with cowry shells were exported each year. A single gold
dinar The dinar () is the principal currency unit in several countries near the Mediterranean Sea, and its historical use is even more widespread. The modern dinar's historical antecedents are the gold dinar and the silver dirham, the main coin of ...
was worth 400,000 shells. During the 17th and 18th centuries, lārin (parallel straps of silver wire folded in half with dyed Persian and
Arabic Arabic (, ' ; , ' or ) is a Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C. E.Watson; Walte ...
inscriptions) were imported and traded as currency. This form of currency was used in the Persian Gulf, India,
Ceylon Sri Lanka (, ; si, ශ්‍රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
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 Sultan (; ar, سلطان ', ) is a position with several historical meanings. Originally, it was an Arabic abstract noun meaning "strength", "authority", "rulership", derived from the verbal noun ', meaning "authority" or "power". Later, it ...
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" ( dv, 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 Sultan Al hajj Hassan Nooraddeenul Iskandhar I was the Sultan of the Maldives from 1779–1799. He was the son of Sultan Muhammad Mu'iz ud-din. Nooraddeen went on hajj twice and on the second occasion he battled with the Sharif of Mecca. He died i ...
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 Sultan Muhammad Imaaduddeen IV was the Sultan of the Maldives from 18 June 1835 to 15 November 1883. He ruled for 48 years, 4 months, and 28 days, making his reign the longest ever in the Maldives. The first map of the Maldives was created during h ...
(1900–1904) introduced what
historians A historian is a person who studies and writes about the past and is regarded as an authority on it. Historians are concerned with the continuous, methodical narrative and research of past events as relating to the human race; as well as the stu ...
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. In 1990, the formal
ISO 4217 ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual cu ...
code wqs changed from (''Maldive rupee'') into (''rufiyaa'').


Coins

In early 1960, Sultan
Mohamed Fareed I King Muhammad Fareed Didi ( dv, އަލްއަމީރު މުޙަންމަދު ފަރީދު ދީދީ, Al'amīru Muḥanmadu Farīdu Dīdī) , (January 11 1901 – May 27 1969), the son of the Sultan Prince Abdul Majeed Didi (Al Munthakhab Liarshi Dh ...
ordered coins from the
Royal Mint The Royal Mint is the United Kingdom's oldest company and the official maker of British coins. Operating under the legal name The Royal Mint Limited, it is a limited company that is wholly owned by His Majesty's Treasury and is under an exclus ...
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 ( ar, 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 A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
, the Maldives Monetary Authority (MMA), introduced the Rf. 1/- 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, Rf. 2/- coins were introduced. Coins currently in circulation are 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, Rf. 1/-, Rf. 2/-.


Banknotes

In 1945, the Majlis of the Maldives (Parliament) passed bill number 2/66 on the "Maldivian Bank Note". Under this law, banknotes for Rf. , Rf. 1/-, Rf. 2/-, Rf. 5/- and Rf. 10/- were printed and put into circulation on 5 September 1948. In 1951, Rf. 50/- and Rf. 100/- banknotes were introduced. The current series of banknotes was issued in 1983 in denominations of Rf. 2/-, Rf. 5/-, Rf. 10/-, Rf. 20/-, Rf. 50/- and Rf. 100/-. Rf. 500/- banknotes were added in 1990, with the Rf. 2/- replaced by a coin in 1995. In October 2015, the Maldives Monetary Authority issued a Rf. 5,000/- banknote in polymer to commemorate the 50th anniversary of independence, and issued a new family of banknotes in polymer that included a new denomination of Rf. 1,000/-. A Rf. 5/- banknote printed in polymer was revealed in May 2017 and was issued in July 2017. It was originally planned that this denomination was to be replaced by a coin of the same denomination, but public input convinced the Maldives Monetary Authority to go for the banknote. Illustrations on the banknotes were done by Maizan Hassan Manik and Abbaas (Bamboo).


See also

*
Currency of Maldives The Currency of Maldives is Rufiyaa, (introduced in 1947). The rufiyaa is divided into 100 laari. History Boli Cowry shells (''Cypraea moneta''), or ''boli'', were the first known medium of exchange used in the Maldives. Various writers and trav ...
*
Economy of Maldives In ancient times, Maldives were renowned for cowries, coir rope, dried tuna fish (Maldive fish), ambergris (''maavaharu'') and coco de mer (''tavakkaashi''). Local and foreign trading ships used to load these products in the Maldives and bring ...

Maldives Banknote Collection (1947-2018)


References

* MMA (Dhivehi) Publication, 1983. (Maldivian Currency)


External links


Currency in Circulation
Maldives Monetary Authority
Maldives Rufiyaa Collection (1947–2018)

Official Exchange Rates


{{Portal bar, Asia, Money, Numismatics Currencies of the British Empire Currencies of the Commonwealth of Nations Currencies of the Maldives Economy of the Maldives Fixed exchange rate Currencies introduced in 1947