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Maldivian rufiyaa

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Maldivian rufiyaa
ދިވެހި ރުފިޔާ (Dhivehi)
Rf. 1 coin
ISO 4217
CodeMVR (numeric: 462)
before 1990: MVQ
Subunit0.01
Unit
SymbolRf, MVR, ރ‎
Denominations
Subunit
 1⁄100laari
Banknotes
 Freq. usedRf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100, Rf. 500
 Rarely usedRf. 1,000, Rf. 5,000
Coins
 Freq. used25 laari, 50 laari, Rf. 1, Rf. 2
 Rarely used1, 5, 10 laari
Demographics
User(s) Maldives
Issuance
Central bankMaldives Monetary Authority
 Websitewww.mma.gov.mv
PrinterDe La Rue PLC
 Websitewww.delarue.com
MintMinistry of Finance
 Websitewww.finance.gov.mv
Valuation
Inflation2.8%
 SourceThe 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 most commonly used symbols for the rufiyaa are MVR 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 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.[1]

History

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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 formal ISO 4217 code was changed from MVQ (Maldive rupee) into MVR (rufiyaa).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.

Rufiyaa symbol

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The Rufiyaa symbol is created by introducing an additional horizontal stroke to Dhivehi Thaana letter 'Raa'.

The currency symbol for the rufiyaa was introduced to the public by the MMA on 3 July 2022. The symbol represents letter “Ra” of Thaana script which also is the first letter in spelling “Rufiyaa” in Dhivehi. A parallel line is added to letter “Ra” to represent the arithmetic “equal” sign as used in various other currency symbols.

The symbol can be customised to match the ‘look and feel’ of the font with which the symbol is used to be together, whilst maintaining the proportions and ratios of the construction.

The symbol was designed by Mr. Hassan Shujau. It was chosen among 70 concept proposals received by MMA through a nationwide competition. The proposals were evaluated by an evaluation committee comprising members from MMA, Dhivehi Bahuge Academy and other areas of expertise.[3]

Coins

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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

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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

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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

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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 		Fishing 1983, 1990 1 August 2016 31 December 2021
[11] Rf. 5 Violet Fishing 1983, 1990 1 January 2018
[12] 1998, 2000, 2006, 2011
[13] Rf. 10 Brown Island life 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

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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 from the beach onto the water 		Friday Mosque minaret 2015, 2022
[27] Rf. 100 Red Woman wearing traditional dress (Libaas),
working on the neckline threading (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

See also

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References

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  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. ^ "Currency Symbol for Maldivian Rufiyaa". mma.gov.mv. Maldives Monetary Authority. Retrieved 19 July 2023.
  4. ^ Linzmayer, Owen (2012). "Maldives". The Banknote Book. San Francisco, CA: BanknoteNews.com.
  • MMA (Dhivehi) Publication, 1983. ދިވެހި ރާއްޖޭގެ ފައިސާ (Maldivian Currency)
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