Maldivian rufiyaa

Maldivian rufiyaa
ދިވެހި ރުފިޔާ (Dhivehi)
20 Rufiyaa Note1 rufiyaa coin
ISO 4217
Code MVR
Denominations
Subunit
  1⁄100 laari
Symbol Rf, MRf, MVR, .ރ or /-
Banknotes Rf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100, Rf. 500, Rf.1000, Rf. 5000
Coins 1 laari, 5 laari, 10 laari, 25 laari, 50 laari , Rf 1, Rf 2
Demographics
User(s)  Maldives
Issuance
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
Valuation
Inflation 7.3%
 Source The World Factbook, June 2009 est.

The Maldivian rufiyaa (Maldivian: ދިވެހި ރުފިޔާ; sign: Rf or .ރ; code: 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 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 Sanskrit rupya (wrought silver). The midpoint of exchange rate is 12.85 rufiyaa per US dollar and the rate is permitted to fluctuate within a ±20% band, i.e. between 10.28 rufiyaa and 15.42 rufiyaa as of 10 April 2011.[1]

History

The modern building of the Maldives Monetary Authority

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 was worth 400,000 shells.

During the 17th and 18th centuries, lārin[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" (Maldivian: 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

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 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  1⁄2, 1, 2, 5 and 10 rufiyaa were printed and put into circulation on 5 September 1948.[3] 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.

In October 2015, the Maldives Monetary Authority issued a 5,000 rufiyaa banknote in polymer to commemorate the 50th anniversary of independence, and issued a new family of notes in polymer that included a new denomination of 1,000 rufiyaa. A 5 rufiyaa banknote printed in polymer was revealed in May 2017 and will be 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 note.

Illustrations on the bank notes were done by Maizan Hassan Manik and Abbaas (Bamboo).

1947-1980 Issue
Image Denomination Obverse Reverse
1 rufiyaa On the obverse two vignettes. To the left is a vignette of a lateen rigged mas dhoani (a small sailing vessel used for fishing) with a palm tree, while to the right is a vignette of a square rigged vessel known as a mas odi or ‘fishing odi’. The mas odi is an older style of fishing vessel. A two-storeyed building, which was used for different purposes over the years. At the time the bank notes were prepared the building was the Customs House. It later became a Post Office and was last used as the Office of the Prime Minister. To the left of the building is the main bastion of the town wall. The bastion was called the ‘Bodu Koattey Buruzu’. There was a flagstaff on the Bodu Koattey which flew the State ensign if there was a foreign vessel in port. The bastion has since been torn down as part of the harbour redevelopment and the old Customs house has been demolished, now being the site of Republic Park.
2 rufiyaa The Royal Jetty. This elaborately carved wooden construction was torn down as part of the harbour redevelopment.
5 rufiyaaThe Sakkarannya Gate, which was one of the principal entrances to the Court of Eterekoilu, the Sultan’s Palace. The view is looking west from the street called Meduziyaaraiy Magu. Beyond the gate is the watch-house on the Aa-Koattey Buruzu (New Fort Bastion), from which the Royal Standard flew. Over the wall, to the right, is Veyodorhu Ganduvaru Mathige.
10 rufiyaa The Veyodorhu Ganduvaru Mathige was a three-storeyed house that was adjacent to the Sultan’s Palace. Now demolished, the building was at one stage the Sifainge, or Defence Headquarters of the militia. The aspect of the illustration on the note is from the Aa-Koattey Buruzu (New Fort Bastion). To the left of the building is Medhumaa Gate, flanked by lamp-posts. To the left of the gate is the very low Kilege Buruzu (bastion) from which gun salutes were fired.
50 rufiyaa The Ibrahimiyya Building, a two-storeyed construction by the wharf in Male harbour. Used for many purposes over the years, including the Customs House, it no longer remains standing. To the left of the building is the Dhathurah Araavadaigannavaa Gate (Royal Embarkation Gate), the entrance to the Court of Eterekoilu from the harbour.
100 rufiyaa Buildings and gardens of the Court of Eterekoilu looking from the north. The tallest building on the right is the Aa-Koattery Buruzu (New Fort Bastion). The tall building on the left is the Veyodorhu Ganduvaru Mathige. Most of the Sultan’s Palace and gardens were torn down in 1968. The area now includes the ‘Sultan’s Park’, which surrounds the National Museum, while the Islamic Centre and Mosque is built on the area in the foreground of the illustration.
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."Dhivehi Odi" is also a reference to "Kalhu'oh'fummi" the ship used by Muhanmed Thakurufaanu and his brothers Ali and Hassan when they were fighting to liberate Maldives. 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.
2015-17 ("Ran Dhihafaheh") series
Image Value Main Colour Dimensions Description Date of issue
Obverse Reverse Obverse Reverse
5 rufiyaa Gray and Red 70mm x 150mm Football players Conch shell 2017
10 rufiyaa Yellow-Brown Toddy tapper Traditional Maldivian drum 2015
20 rufiyaa Pink-violet Fisherman and skipjack tuna Dhoni
50 rufiyaa Green Seated boy reciting the Quran Minaret of the Friday Mosque
100 rufiyaa Red Seated woman working on a traditional dress Dambidū Lōmāfānu
500 rufiyaa Orange Artisan carving wood with mallet and chisel Traditional vase
1000 rufiyaa Blue Green turtle Whale shark
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
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD SGD THB
From XE: AUD CAD CHF EUR GBP HKD JPY USD SGD THB
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD SGD THB
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD SGD THB

See also

References

  1. ↑ MMA announcement
  2. ↑ After Lar in modern day Iran where it was first minted Archived 6 October 2007 at the Wayback Machine.
  3. ↑ Linzmayer, Owen (2012). "Maldives". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  • MMA (Dhivehi) Publication, 1983. ދިވެހި ރާއްޖޭގެ ފައިސާ (Maldivian Currency)
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