| ދިވެހި ރުފިޔާ (Dhivehi) | |
|---|---|
 1 rufiyaa coin | |
| ISO 4217 | |
| Code | MVR (numeric: 462) before 1990: MVQ |
| Subunit | 0.01 |
| Unit | |
| Symbol | Rf, MVR,ރ, |
| Denominations | |
| Subunit | |
| 1⁄100 | laari |
| Banknotes | |
| Freq. used | Rf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100, Rf. 500 |
| Rarely used | Rf. 1,000, Rf. 5,000 |
| Coins | |
| Freq. used | 25 laari, 50 laari, Rf. 1, Rf. 2 |
| Rarely used | 1, 5, 10 laari |
| Demographics | |
| User(s) |  Maldives |
| Issuance | |
| Central bank | Maldives Monetary Authority |
| Website | www |
| Printer | De La Rue PLC |
| Website | www |
| Mint | Ministry of Finance |
| Website | www |
| Valuation | |
| Inflation | 2.8% |
| Source | The World Factbook, 2017 est. |
TheMaldivian rufiyaa (Dhivehi:ދިވެހި ރުފިޔާ;sign:Rf orރ;code:MVR) is the currency of theMaldives. The issuance of the currency is controlled by theMaldives Monetary Authority (MMA). The rufiyaa is subdivided into 100laari.
The namerufiyaa is derived from theSanskritरूप्य (rūpya,lit. '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.[1]
The earliest form of currency used in the Maldives wascowrie 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 Battuta observed that more than 40 ships loaded with cowry shells were exported each year. A single golddinar was worth 400,000 shells.
During the 17th and 18th centuries,lārin[2] (parallel straps of silver wire folded in half with dyedPersian and Arabic inscriptions) were imported and traded as currency. This form of currency was used in thePersian 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 firstSultan to imprint his own seal onto this currency was GhaazeeMuhammad Thakurufaanu al-Auzam. Theseal was much broader than the wires hence it was barely legible.
The first known of coins were introduced by SultanIbrahim 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 ofMalé, 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 SultanHassan 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 inlaari. SultanMohamed Imaadhudheen IV (1900–1904) introduced what historians believe to be the first machine struck coins, judging the superior quality of the engravements. His successor SultanMohamed Shamshudeen III (1904–1935) made the last of these coins, 1 and 4 laari denominations, which were struck in the United Kingdom byHeaton's Mint, Birmingham, England in 1913.
Following the end of coin production specifically for the Maldives, the Sultanate came to use theCeylonese 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, theISO 4217 code was changed from MVQ (Maldive rupee) into MVR (rufiyaa).[3]
In early 1960, SultanMohamed Fareed I ordered coins from theRoyal 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 theNational 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 establishedcentral bank, theMaldives Monetary Authority (MMA), introduced the Rf. 1 coin on 22 January 1983. The coin was minted inWest 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. In 2017, a bimetallic Rf. 2 coin was introduced into circulation to replace the previous RF. 2 coin.
| Second series (1982–2017) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Diameter (mm) | Mass (g) | Composition | Edge | Obverse | Reverse | Issue | ||||
| 1 laari | 15.00 | 0.456 | Aluminum | Smooth | Lettering: Maldives andދިވެހިރާއްޖޭ ; value(English and Dhivehi) | Coconut palm; year of issue(Gregorian and Hijri) | 1984 | |||||
| 5 laari | 20.32 (scalloped) | 2.00 | Aluminum | Smooth | Tuna; year of issue(Gregorian and Hijri) | 1984–1990 | ||||||
| 16.85 | 0.62 | Reeded | 2012 | |||||||||
| 10 laari | 23.11 (scalloped) | 1.95 | Aluminum | Smooth | Odi; year of issue(Gregorian and Hijri) | 1984–2001 | ||||||
| 18.10 | 0.85 | 2012 | ||||||||||
| 25 laari | 20.19 | 4.15 | Nickel brass | Reeded | Malé minaret; year of issue(Gregorian and Hijri) | 1984–1996 | ||||||
| 3.75 | Brass-plated steel | 2008 | ||||||||||
| 50 laari | 23.60 | 5.65 | Nickel brass | Reeded | Loggerhead sea turtle; year of issue(Gregorian and Hijri) | 1984–1995 | ||||||
| 5.15 | Brass-plated steel | 2008 | ||||||||||
| 1 rufiyaa | 25.91 | 6.41 | Nickel-plated steel | Reeded | Lettering: Republic of Maldives; value(English and Dhivehi) | Coat of arms; year of issue(Gregorian and Hijri) | 1982 | |||||
| 2 rufiyaa | 25.50 | 11.70 | Nickel brass | Reeded with lettering: REPUBLIC OF MALDIVES | Conch shell; Lettering:ދިވެހިރާއްޖ ; year of issue(Gregorian and Hijri) | 1995–2007 | ||||||
| Brass-plated steel | 2007 | |||||||||||
| 25.50 | 6.20 | Outer:Nickel brass | Plain | 2017 | ||||||||
| Inner:Nickel-plated steel | ||||||||||||
In 1945, theMajlis of the Maldives (Parliament) passed bill number 2/66 on the "Maldivian Bank Note". Under this law, banknotes for Rf. 1⁄2, Rf. 1, Rf. 2, Rf. 5 and Rf. 10 were printed and put into circulation on 5 September 1948.[4] In 1951, Rf. 50 and Rf. 100 banknotes were introduced.
The previous series of banknotes were 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).
| First series (1947)[2] | ||||||
|---|---|---|---|---|---|---|
| Image | Value | Dimensions (mm) | Description | Issue | Withdrawn | |
| Obverse | Reverse | |||||
| [3] | Rf. 1⁄2 | 109 × 57 | Palm tree and lateen riggedMas dhoani; Mas odi, a square rigged vessel | — | 5 September 1948 | 1983 |
| [4] | Rf. 1 | 115 × 64 | Customs House building | |||
| [5] | Rf. 2 | 127 × 76 | Royal Jetty | |||
| [6] | Rf. 5 | 140 × 88 | Sakkarannya Gate | |||
| [7] | Rf. 10 | 156 × 103 | Veyodorhu Ganduvaru Mathige; Medhumaa Gate | |||
| [8] | Rf. 50 | 159 × 107 | Ibrahimiyya Building; Dhathurah Araavadaigannavaa Gate | 8 May 1951 | ||
| [9] | Rf. 100 | 166 × 118 | Court of Eterekoilu | |||
| Second series (1983) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions (mm) | Main colour | Description | Issue | Withdrawn | Lapse | ||
| Obverse | Reverse | ||||||||
| [10] | Rf. 2 | 150 × 70 | Olive green | Dhivehi Odi ship; coconuts | Beaches | 1983, 1990 | 1 August 2016 | 31 December 2021 | |
| [11] | Rf. 5 | Violet | Fishing boats | 1983, 1990 | 1 January 2018 | ||||
| [12] | 1998, 2000, 2006, 2011 | ||||||||
| [13] | Rf. 10 | Brown | Island village | 1983 | 1 August 2016 | ||||
| [14] | 1998, 2006 | ||||||||
| [15] | Rf. 20 | Pink | Malé inner harbour | 1983, 1987 | |||||
| [16] | 2000, 2008 | ||||||||
| [17] | Rf. 50 | Blue | Bazar inMalé | 1983, 1987 | |||||
| [18] | 2000, 2008 | ||||||||
| [19] | Rf. 100 | Green | Medhu Ziyaaraiy | 1983, 1987 | |||||
| [20] | 1995, 2000, 2013 | ||||||||
| [21] | Rf. 500 | Red | Islamic Centre and Mosque | 1990, 1996 | 11 May 2007 | 8 November 2007 | |||
| [22] | 2006, 2008 | 1 August 2016 | 31 December 2021 | ||||||
| Ran Dhihafaheh series (2015) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions (mm) | Main colour | Description | Issue | ||
| Obverse | Reverse | ||||||
| [23] | Rf. 5 | 150 × 70 | Grey | Football players; people celebrating | Conch shell | 2017 | |
| [24] | Rf. 10 | Yellow | Toddy tapper; people playingboduberu | Boduberu | 2015, 2018 | ||
| [25] | Rf. 20 | Purple | Fisherman with skipjack tuna; Velana International Airport | Dhoni | 2015, 2020 | ||
| [26] | Rf. 50 | Green | A boy reciting theQuran; Men pulling boats | Friday Mosque minaret | 2015, 2022 | ||
| [27] | Rf. 100 | Red | Woman wearinglibaas (dress); neckline threading work (Hiru) | Lōmāfānu (early Dhivehi scripture) | 2015, 2018, 2024 | ||
| [28] | Rf. 500 | Orange | Wood carving; a woman making ekels (Iloshi) | Naalhi (traditional hand carved vase) | 2015 | ||
| [29] | Rf. 1000 | Blue | Green turtle; Manta rays | Whale shark | 2015 | ||
| Current MVR exchange rates | |
|---|---|
| FromGoogle Finance: | AUDCADCHFCNYEURGBPHKDJPYUSDSGDTHBINR |
| FromYahoo! Finance: | AUDCADCHFCNYEURGBPHKDJPYUSDSGDTHBINR |
| FromXE.com: | AUDCADCHFCNYEURGBPHKDJPYUSDSGDTHBINR |
| From OANDA: | AUDCADCHFCNYEURGBPHKDJPYUSDSGDTHBINR |
The rufiyaa symbol was publicly introduced by the MMA on 3 July 2022. Designed by Hassan Shujau, it represents the letter raa ofThaana script, which is the first letter in spelling "rufiyaa" inDhivehi, with an added parallel line is to represent theequal sign as used in various other currency symbols.
The design was chosen among 70 concept proposals received through a nationwide competition. The proposals were evaluated by an evaluation committee comprising members from the MMA,Dhivehi Bahuge Academy and other areas of expertise.[5]
