Maldivian rufiyaa
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| ISO 4217 Code | MVR |
| User(s) | Maldives |
| Inflation | 5.6% |
| Source | The World Factbook, 2005 est. |
| Pegged by | U.S. dollar = 12.8 rufiyaa |
| Subunit | |
| 1/100 | laari |
| Symbol | Rf, MRF, or .ރ |
| Coins | |
| Freq. used | 25, 50 laari , Rf 1, Rf 2 |
| Rarely used | 1, 2, 5, 10 laari |
| Banknotes | |
| Freq. used | Rf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100 |
| Rarely used | Rf. 500 |
| Central bank | Maldives Monetary Authority |
| Website | www.mma.gov.mv |
| Printer | De La Rue PLC |
| Website | www.delarue.com |
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"MVR" redirects here. For Venezuela Political party, see Fifth Republic Movement.
The Maldivian rufiyaa (Dhivehi: ދިވެހި ރުފިޔާ) 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 MRF and Rf. The ISO 4217 code for Maldivian rufiyaa is MVR. One rufiyaa is equal to 100 laari. Rufiyaa is derived from the Hindi word rupayā, ultimately from Sanskrit rupya (wrought silver). The official exchange rate is USD1 to 12.8[1] MVR.
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[edit] History
The earliest form of currency used in the Maldives was cowry shells (Cypraea moneta) and historical accounts of travelers 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.
A few centuries later, during the 1600s and 1700s 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 the 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 batch of coin currency was introduced by Sultan Ibrahim Iskandar (1648-1687). Compared to the previous forms of money used, his coins were much neater and made out of pure silver thus possessing a higher standard of quality. Surprisingly, this new money was forged in the capital city of Malé, a fact which it acknowledged on its reverse face. An engravement (Dhivehi: ކަނޑާއި އެއްގަމުގެ ރަސްގެފާނު، މަތިވެރި އިސްކަންދަރު , King of Land and Sea, Iskandhar the Great) is found milled 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.
[edit] Coinage
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. Sultan Mohamed Fareed I ordered these coins from the Royal Mint in England. 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, Republic of Maldives) and the denomination value on the obverse side. The new batch consisted of denominations of 1, 2, 5, 10, 25 and 50 laari. 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 June 17, 1966.
The newly established central bank of the country, Maldives Monetary Authority (MMA), introduced the Rf 1 on January 22, 1983. The coin was made from steel clad copper nickel and was made in West Germany.
| Unit (MVR) | Design on Obverse | Design on Reverse |
|---|---|---|
| Coins | ||
| 0.01 | Denomination Value | Coconut Palm |
| 0.05 | Denomination Value | Tuna |
| 0.10 | Denomination Value | Sailing Boat (Odi) |
| 0.25 | Denomination Value | Friday Mosque & Minaret |
| 0.50 | Denomination Value | Turtle |
| 1 | Denomination Value | Coat of Arms |
| 2 | Denomination Value | Conch shell (charonia tritonis) |
[edit] Banknotes
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The first Maldivian bank note was produced in 1945 when the People's Majlis (Parliament) passed bill number 2/66 on "Maldivian Bank Note". Under this new law, notes for 50 laari, and 1, 2, 5 and 10 rufiyaa were issued and put into circulation in 1947.
The current range of bank notes were issued in 1983, and the denominations are 5, 10, 20, 50, and 100 rufiyaa. A larger denomination of 500 rufiyaa was issued in 1990.
| Unit (MVR) | Design on Obverse | Design on Reverse |
|---|---|---|
| Paper money | ||
| 5 | Coconut palm, Dhoani | Traditional Fishing |
| 10 | Coconut palm, Dhoani | Traditional Island Life |
| 20 | Coconut palm, Dhoani | Inner Harbour (Historical) |
| 50 | Coconut palm, Dhoani | Malé Bazaar (Historical) |
| 100 | Coconut palm, Dhoani | Medhuziyaaraiy (Monument) |
| 500 | Coconut palm, Dhoani | Islamic Centre and Mosque |
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[edit] References
- MMA (Dhivehi) Publication, 1983. ދިވެހި ރާއްޖޭގެ ފައިސާ (Maldivian Currency)
 500 rufiyaa |
 First ever 100 rufiyaa. Issued in 1951 |
 Two rifiyaa |
One rufiyaa |
[edit] External links
| Rupees | |
|---|---|
| Current | Indian rupee | Indonesian rupiah | Maldivian rufiyaa | Mauritian rupee | Nepalese rupee | Pakistani rupee | Seychellois rupee | Sri Lankan rupee |
| Defunct | Afghan rupee | Bhutanese rupee | Burmese rupee | Danish Indian rupee | (British) East African rupee | French Indian rupee | German East African rupie | Gulf rupee | Hyderabad rupee | Italian Somaliland rupia | Netherlands Indian roepiah | Portuguese Indian rupia | Riau rupiah | Travancore rupee | West New Guinean rupiah | Zanzibari rupee |
| Fictional | Hyrulean rupee |
| See also | History of the rupee |
