Maldivian Rupee

The Maldive rupee (in Maldivian language: statutory: statutory rupee, rufiyaa), is the official currency of the Republic of the Maldives. It is divided into 100 laari, and its ISO 4217 code is MVR. The issuance of the currency is controlled by the Maldives Monetary Authority (MMA). The word "rufiyaa" It derives from the Hindu form rupayā, and this in turn from the Sanskrit rupya, which means "silver".

History

The first objects used in the Maldives to carry out economic transactions were shells, as confirmed by travelers of the time who were required to use this means of payment for their exchanges during the 13th century. The explorer Ibn Battuta realized that 40 ships full of seashells were exported each year, and the equivalent in gold dinars was 1 dinar = 400,000 shells.

During the 17th and 18th centuries, lärin was introduced. This form of money was used in the Persian Gulf, India, Ceylon, and the Far East. Historians agree that this type of coin was exchanged for shells, and reflects the lucrative interest of the Maldives vis-à-vis other countries. The first sultan to print his personal stamp on coins was Muhammad Thakurufaanu Al Auzam. This seal was much wider than the wires of the larin, which were barely legible.

The first rufiyaa coins were introduced by Sultan Ibrahim Iskandar (1648-1687). Compared to earlier forms of money, these coins were much sharper and were minted in pure silver. The coins were minted in Malé, with the legend '''''''''' '''''''''''''''''''''''''''''''''''''' was was taken.

After this period, gold replaced silver coins during the reign of Sultan Hassan Nooraddeen I in 1787. He used two qualities of gold in his coins: one called Mohoree, and another known as Baimohoree.

During the 19th and early 20th centuries, bronze coins denominated in laari were minted. Sultan Muhammad Imaaduddeen IV (1900-1904) introduced what historians believe was the first coin-minting machine, due to the high quality of the engravings. His successor, Sultan Muhammad Shamsuddeen III (1904-1935) introduced a new series of coins in denominations of 1 and 4 laari minted in the United Kingdom in 1913.

Following the cessation of local coin production, the Sultan introduced the Sri Lankan rupee, which was supplemented in 1947 with rufiyaa-denominated notes. In 1960, the rufiyaa was decimalized, making up 100 laari.

Coins

In 1960, Sultan Mohamed Fareed I commissioned the minting of the coins to the British Royal Mint. The new issues consisted of denominations of 1, 2, 5, 10, 25 and 50 laari, adding the Maldivian coat of arms on the reverses with the name of the country written in Arabic. The coins were put into circulation in February 1961, and all coins minted before this period were withdrawn from circulation except the 1 and 4 laari coins.

In 1983, the Maldives Monetary Authority introduced 1 rufiyaa coins made of cupronickel, and in 1995 the 2 rufiyaa coin was added to the monetary cone.

Currently, the coins in circulation are:

Tickets

In 1945, the Maldivian Parliament enacted Act 2/66 on banknotes. This law authorized the printing of ½, 1, 2, 5 and 10 rufiyaa notes, which were put into circulation in 1947. In 1951, the 50 and 100 rufiyaa denominations were introduced.

The current series of banknotes were put into circulation in 1983, in denominations of 2, 5, 10, 20, 50 and 100 rufiyaa. In 1990 the 500 rufiyaa note was added and the 2 rufiyaa note was replaced by a brass coin.