Maldivian rufiyaa

Currency of the Maldives

Maldivian rufiyaaދިވެހި 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.mma.gov.mv
Printer| De La Rue PLC
Website| www.delarue.com
Mint| Ministry of Finance
Website| www.finance.gov.mv
Valuation
Inflation| 2.8%
Source| The World Factbook, 2017 est.

The Maldivian rufiyaa (Dhivehi: 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 rufiyaa is subdivided into 100 laari.

The name rufiyaa is derived from the Sanskrit रूप्य (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]

## History

[edit]

The modern building of the Maldives Monetary Authority

The earliest form of currency used in the Maldives was cowrie 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 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 Muhammad 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.

In 1990, the ISO 4217 code was changed from MVQ (Maldive rupee) into MVR (rufiyaa).[3]

## Coins

[edit]

Main article: Coins of the Maldivian rufiyaa

In early 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 Rf. 1 coin on 22 January 1983. The coin 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\. 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 and ދިވެހިރާއްޖޭ ;
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

## Banknotes

[edit]

In 1945, the Majlis 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

[edit]

First series (1947)[2]

Image  | Value  | Dimensions
(mm)  | Description  | Issue  | Withdrawn
Obverse  | Reverse
[3] | Rf. 1⁄2 | 109 × 57  | Palm tree and lateen rigged Mas 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

[edit]

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 in Malé | 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

### Current series

[edit]

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 playing boduberu | Boduberu | 2015, 2018
[25] | Rf. 20  |  | Purple  | Fisherman with skipjack tuna;
Velana International Airport | Dhoni | 2015, 2020
[26] | Rf. 50  |  | Green  | A boy reciting the Quran;
Men pulling boats  | Friday Mosque minaret  | 2015, 2022
[27] | Rf. 100  |  | Red  | Woman wearing libaas (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

From Google Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD THB INR
From Yahoo! Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD THB INR
From XE.com:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD THB INR
From OANDA:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD THB INR

## Symbol

[edit]

The rufiyaa symbol is created by introducing an additional horizontal stroke to Thaana letter raa.

The rufiyaa symbol was publicly introduced by the MMA on 3 July 2022. Designed by Hassan Shujau, it represents the letter raa of Thaana script, which is the first letter in spelling "rufiyaa" in Dhivehi, with an added parallel line is to represent the equal 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]

## See also

[edit]

* Currency of Maldives
* Economy of Maldives

## References

[edit]

1. ^ MMA announcement Archived 27 July 2011 at the Wayback Machine
2. ^ [1] After Lar in modern day Iran where it was first minted Archived 6 October 2007 at the Wayback Machine
3. ^ ISO 4217 Standard definition:

* "Data Standards, ISO 4217 - Currency Code Maintenance: Get the Correct Currency Code". www.six-group.com. SIX Group. 1 October 2022.
* "List One: Currency, fund and precious metal codes" (XLS). www.six-group.com. SIX Group. 23 September 2022.
* "List Two: Fund codes registered with the Maintenance Agency" (XLS). www.six-group.com. SIX Group. 29 August 2018.
* "List Three: Codes for historic denominations of currencies and funds" (XLS). www.six-group.com. SIX Group. 22 August 2018.
* "Overview Amendments" (XLSX). www.six-group.com. SIX Group. 23 September 2022.

4. ^ Linzmayer, Owen (2012). "Maldives". The Banknote Book. San Francisco, CA: BanknoteNews.com.
5. ^ "Currency Symbol for Maldivian Rufiyaa". mma.gov.mv. Maldives Monetary Authority. Retrieved 19 July 2023.

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

## External links

[edit]

* Currency in Circulation – Maldives Monetary Authority (archived)
* Maldives Rufiyaa Collection (1947–2024)
* Official Exchange Rates (archived)
* Banknotes of the Maldives

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