World Library  
Flag as Inappropriate
Email this Article

Rufiyaa

Article Id: WHEBN0003110779
Reproduction Date:

Title: Rufiyaa  
Author: World Heritage Encyclopedia
Language: English
Subject: Economy of the Maldives, Adhaalath Party, Ibrahim Nasir International Airport, Thilafushi, South Asia
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Rufiyaa

Maldivian rufiyaa
ދިވެހި ރުފިޔާ (Dhivehi)
126px 126px
100 rufiyaa note1 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, 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.[1]

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. 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[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 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: 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

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

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.[3] 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.


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

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."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
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
Current MVR exchange rates
From Google Finance: THB
From Yahoo! Finance: THB
From XE.com: THB
From OANDA.com: THB
From fxtop.com: THB

See also

References

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

External links

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

Template:Maldives topics

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.