Maldivian rufiyaa
Encyclopedia
The rufiyaa is the currency of the Maldives
. Determining the 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 mid point of exchange rate is 12.85 Rufiyaa and the rate is permitted to fluctuate within the ± 20% band, i.e. between 10.28 Rufiyaa and 15.42 Rufiyaa
shells (Cypraea moneta) and historical accounts of travellers indicate that they were traded in this manner even during the 13th century. Ibn Batuta (AD 1344) 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.
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
: ) 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 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: , 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.
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 in 1947. In 1951, 50 and 100 rufiyaa 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.
Maldives
The Maldives , , officially Republic of Maldives , also referred to as the Maldive Islands, is an island nation in the Indian Ocean formed by a double chain of twenty-six atolls oriented north-south off India's Lakshadweep islands, between Minicoy Island and...
. Determining the rate for the US Dollar and the issuance of the currency is controlled by the Maldives Monetary Authority
Maldives Monetary Authority
Maldives Monetary Authority or MMA acts as the central bank of the republic of Maldives and was established on July 1, 1981, under the mandate provided by the "MMA Act" of 1981...
(MMA). The most commonly used symbols for the rufiyaa are MRF and Rf. The ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code for Maldivian rufiyaa is MVR. The rufiyaa is subdivided into 100 laari
Maldivian laari
The laari is a coin denomination issued by the Maldives as the subdenomiation of the Maldivian rufiyaa since 1960. One rufiyaa is equal to 100 laari...
. The name "rufiyaa" is derived from the Hindi
Hindi
Standard Hindi, or more precisely Modern Standard Hindi, also known as Manak Hindi , High Hindi, Nagari Hindi, and Literary Hindi, is a standardized and sanskritized register of the Hindustani language derived from the Khariboli dialect of Delhi...
word rupiyaa (रुपया), ultimately from Sanskrit
Sanskrit
Sanskrit , is a historical Indo-Aryan language and the primary liturgical language of Hinduism, Jainism and Buddhism.Buddhism: besides Pali, see Buddhist Hybrid Sanskrit Today, it is listed as one of the 22 scheduled languages of India and is an official language of the state of Uttarakhand...
rupya (रूप्य; wrought silver). The mid point of exchange rate is 12.85 Rufiyaa and the rate is permitted to fluctuate within the ± 20% band, i.e. between 10.28 Rufiyaa and 15.42 Rufiyaa
History
The earliest form of currency used in the Maldives was cowryCowry
Cowry, also sometimes spelled cowrie, plural cowries, is the common name for a group of small to large sea snails, marine gastropod molluscs in the family Cypraeidae, the cowries...
shells (Cypraea moneta) and historical accounts of travellers indicate that they were traded in this manner even during the 13th century. Ibn Batuta (AD 1344) observed that more than 40 ships loaded with cowry shells were exported each year. A single gold dinar
Dinar
The dinar is the official currency of several countries.The history of the dinar dates to the gold dinar, an early Islamic coin corresponding to the Byzantine denarius auri...
was worth 400,000 shells.
During the 17th and 18th centuries, lärin (parallel straps of silver wire folded in half with dyed Persian
Persian language
Persian is an Iranian language within the Indo-Iranian branch of the Indo-European languages. It is primarily spoken in Iran, Afghanistan, Tajikistan and countries which historically came under Persian influence...
and Arabic
Arabic language
Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book...
inscriptions) were imported and traded as currency. This form of currency was used in the Persian Gulf
Persian Gulf
The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
, 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
Sultan
Sultan is a title with several historical meanings. Originally, it was an Arabic language abstract noun meaning "strength", "authority", "rulership", and "dictatorship", derived from the masdar سلطة , meaning "authority" or "power". Later, it came to be used as the title of certain rulers who...
to imprint his own seal onto this currency was Ghaazee Mohamed Thakurufaanu Al Auzam. The seal
Seal (device)
A seal can be a figure impressed in wax, clay, or some other medium, or embossed on paper, with the purpose of authenticating a document ; but the term can also mean the device for making such impressions, being essentially a mould with the mirror image of the design carved in sunken- relief or...
was much broader than the wires hence it was barely legible.
Malé
Malé , is the capital and most populous city in the Republic of Maldives. It is located at the southern edge of North Malé Atoll . It is also one of the Administrative divisions of the Maldives. Traditionally it was the King's Island, from where the ancient Maldive Royal dynasties ruled and where...
, a fact which it acknowledged on the reverse. The legend "King of Land and Sea, Iskandhar the Great" (Dhivehi
Dhivehi language
Maldivian is an Indo-Aryan language predominantly spoken by about 350,000 people in the Maldives where it is the national language. It is also the first language of nearly 10,000 people in the island of Minicoy in the Union territory of Lakshadweep, India where the Mahl dialect of the Maldivian...
: ) 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
Maldivian laari
The laari is a coin denomination issued by the Maldives as the subdenomiation of the Maldivian rufiyaa since 1960. One rufiyaa is equal to 100 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
Sri Lankan rupee
The rupee is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri Lanka and is generally written Rs. The rupee (Sinhala: රුපියල , Tamil: ரூபாய்) (sign: ₨; code: LKR) is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri...
. 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
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
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
Emblem of Maldives
The Maldivian National Emblem consists of a coconut palm, a crescent, and two criss-crossing National Flags with the traditional Title of the State.-Interpretation:...
on the reverse side with the traditional title of the state (Arabic: , 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
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, the Maldives Monetary Authority
Maldives Monetary Authority
Maldives Monetary Authority or MMA acts as the central bank of the republic of Maldives and was established on July 1, 1981, under the mandate provided by the "MMA Act" of 1981...
(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
West Germany
West Germany is the common English, but not official, name for the Federal Republic of Germany or FRG in the period between its creation in May 1949 to German reunification on 3 October 1990....
. 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
Majlis of the Maldives
The Majlis of the Maldives or the People’s Majlis is the main legislature body of the Maldives. The Majlis has the authority to enact, amend and revise laws, except the constitution of the Maldives. Majlis is composed of 77 members...
(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 in 1947. In 1951, 50 and 100 rufiyaa 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.
| 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. | 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 | ||||
External links
- Currency in Circulation, Maldives Monetary Authority