Maldivian rufiyaa

Maldivian rufiyaa
ދިވެހި ރުފިޔާ (Dhivehi)
100 rufiyaa note 1 rufiyaa coin
ISO 4217 code	MVR
Central bank	Maldives Monetary Authority
Website	www.mma.gov.mv
User(s)	Maldives
Inflation	7.3%
Source	The World Factbook, June 2009 est.
Subunit
1/100	laari
Symbol	Rf, MRf, MVR, .ރ or /-
Coins	1 laari, 5 laari, 10 laari, 25 laari, 50 laari , Rf 1, Rf 2
Banknotes	Rf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100, Rf. 500
Printer	De La Rue PLC
Website	www.delarue.com
Mint	Ministry of Finance and Treasury
Website	www.finance.gov.mv

The rufiyaa (Dhivehi: ދިވެހި ރުފިޔާ) is the currency of the Maldives. Determining the exchange rate for the US dollar and 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 Hindi word rupiyaa (रुपया), ultimately from Sanskrit rupya (रूप्य; 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.

History

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, lärin (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.

File:17 and 18 century coinage of maldive islands.jpg

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.

Coins

Main article: Coins of the Maldivian rufiyaa

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

1983 100 rufiyaa

In 1945, the People's Majlis (Parliament) passed bill number 2/66 on the "Maldivian Bank Note". Under this law, notes for ½, 1, 2, 5 and 10 rufiyaa were printed and put into circulation on 5 September 1948. 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.

Half rufiyaa and two rufiyaa banknotes that were replaced by coins in the late 1900s.

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

1947-1980 Issue
Image	Denomination	Obverse	Reverse
[2]	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.
[3]	2 rufiyaa		The Royal Jetty. This elaborately carved wooden construction was torn down as part of the harbour redevelopment.
[4]	5 rufiyaa		The 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.
[5]	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.
[6]	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.
[7]	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
100px	100px	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
100px	100px	10 rufiyaa	Brown			ISLAND LIFE; A garland of widely scattered tiny islands has evolved a life of subsistence for the islanders
100px	100px	20 rufiyaa	Pink			INNER HARBOUR MALE'; The centrifuge of commercial activity in the country
100px	100px	50 rufiyaa	Blue			BAZAR IN MALE'; Buzzing with movement all day long
	100px	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.

Current MVR exchange rates
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See also

• Currency of Maldives
• Economy of Maldives

References

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

External links

• Currency in Circulation, Maldives Monetary Authority
• Official Exchange Rates