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1 MVR = N/A INR Interbank/ mid-market Rate at: 22-05-2024 05:24:28

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currency profile

Maldivian Rufiyaa Currency Profile

The official currency of the Maldives is the Maldivian Rufiyaa (MVR), which comprises 100 smaller units known as laari. The currency is denoted by the symbol Rf, with its name, rufiyaa, originating from the Sanskrit term "rupya," which translates to "silver." Maldivian Rufiyaa banknotes showcase depictions and symbols that capture the essence of the Maldives' culture and history. For instance, the 5 rufiyaa note highlights scenes of people engaging in soccer, a beloved pastime in the nation. On the 10 rufiyaa note, one can find an illustration of a man climbing a coconut tree, and the 1,000 rufiyaa note showcases a sea turtle.

Maldivian Rufiyaa Currency Facts

Maldivian Rufiyaa Stats MVR Profile
Name: Maldivian Rufiyaa
Nickname: Rufiyaa
Symbol: MVR‎
Date of Introduction: November 3, 1965
MVR in Circulation: Approximately MVR 14.5 billion
Banknotes: Frequently Used: 5, 10, 20, 50, 100 MVR
Rarely Used: 500, 1000 MVR
MVR Notes Made of: Polymer
Current MVR Coins: 1, 2, 5, 10, 25, 50 laari
MVR Coins Made of: Nickel-plated steel and cupro-nickel
Countries using MVR Maldives

History of the Maldivian Rufiyaa

The Maldivian Rufiyaa (MVR) has a relatively short history compared to currencies of other countries.  

1. British Influence and Protectorate:

From December 16, 1887, to July 26, 1965, the Maldives were under British protection, with administrative ties to Ceylon. This period witnessed the influence of British rule and its impact on the Maldivian governance structure.

2. Transition to Republic and Independence:

The Maldives transitioned to a republic on January 1, 1953, only to reinstate the Sultanate in 1954. Independence was achieved on July 26, 1965, but the republic was officially established in 1968, symbolizing a new era for the Maldives.

3. Historical Currency: Iranian Larins and Ceylon Rupees:

During the seventeenth century, Iranian silver larins were the first currency used in the Maldives. Subsequently, Ceylon Rupees circulated until the 1950s, coexisting with the introduction of the Maldive Islands Rupee in 1947.

4. Introduction of Maldive Islands Rupee:

The Maldive Islands Rupee was introduced in 1947, initially issued by the Government Treasurer. Pound sterling notes and coins circulated until 1976, coinciding with Britain's withdrawal from its airbase in the Maldives.

5. Transition to Maldive Rufiyaa:

On July 1, 1981, the Maldives Monetary Authority introduced the Maldive Rufiyaa, replacing the Maldive Islands Rupee. Local transactions in US Dollars were prohibited, solidifying the rufiyaa as the sole medium of exchange on January 25, 1982. The Rufiyaa is divisible into 100 Lari, showcasing a distinct and independent financial identity for the Maldives.

6. Financial Stability and Modernization:

Following the establishment of the Maldive Rufiyaa as the official currency in 1982, the Maldives focused on financial stability and modernization. Economic growth and development initiatives contributed to the stability of the national currency.

Significance of Maldivian Rufiyaa

The Maldivian Rufiyaa, denoted by MVR, holds a significance that extends far beyond monetary transactions. Modern rufiyaa banknotes serve not only as a medium of exchange but also as canvases illustrating the rich culture and history of the Maldives. Each denomination features scenes and symbols that capture the essence of the nation. 

Traditionally reliant on fishing as the primary economic driver, the Maldives underwent a significant shift. Today, tourism has emerged as a powerhouse, bearing a substantial portion of the economic load. The devastating tsunami in 2004 dealt a blow to the Maldivian economy, particularly impacting the tourism industry. Despite the setback, the nation demonstrated resilience and successfully rebounded.

Current Maldivian Rufiyaa Notes & Coins

1. Before the introduction of the modern rufiyaa, the Maldivians used unconventional forms of currency. 

2. Cowrie shells, derived from sea snails, served as a historical currency, reflecting the island nation's reliance on marine resources. 

3. Strips of silver emerged later, with the first coins dating back to the 1600s, showcasing the evolution of economic practices in the Maldives.

4. The modern Maldivian Rufiyaa (MVR) banknotes were introduced in 1947  while coins entered circulation in 1983.

5. Both coins and banknotes fall under the purview of the Maldives Monetary Authority, the central bank responsible for ensuring financial stability.

6. Currently, the Maldivian Rufiyaa is represented in various denominations. 

7. Coins in 1, 5, 10, 25, and 50 denominations are commonly used, while banknotes are issued in 2, 5, 10, 20, 50, 100, and 500 denominations. 

8. Each denomination features scenes and symbols that capture the essence of the nation.

9. For instance, the 5 rufiyaa note portrays people engaged in soccer, a beloved pastime, while the 10 rufiyaa note showcases a man climbing a coconut tree. 

10. The 1,000 rufiyaa note, in turn, highlights a sea turtle, connecting the currency with the diverse marine life that surrounds the Maldives.

How to Spot Counterfeit MVR Notes?

The security features embedded in Maldivian Rufiyaa banknotes can help in distinguishing genuine notes from counterfeits. Genuine notes possess a distinct texture, making them easily distinguishable from counterfeit counterparts. Another significant aspect contributing to the security of Maldivian rufiyaa banknotes is the use of a polymer substrate. This choice of material enhances the overall resilience and durability of the currency, adding an extra layer of protection against counterfeiting.

Uniformity is another key characteristic of Maldivian rufiyaa banknotes. All denominations share identical dimensions, measuring 150mm in length and 70mm in width. This standardized size not only facilitates easy recognition but also reinforces the consistency and authenticity of the currency. Examining the serial numbers on Maldivian rufiyaa notes provides additional insights into their legitimacy. The vertical serial number features a Dhivehi letter as its prefix, while the horizontal serial number is prefixed with an English letter. 

How Do We Measure The Value Of MVR?

The value of the Maldivian Rufiyaa is measured through an MVR Index, which functions as a comparative metric and evaluates the currency against a diverse basket of currencies. This basket typically includes popular currencies from key global regions, offering a holistic view of the MVR’s performance in the international currency market. 

What is the Maldivian Rufiyaa Index (MVRX)?

The MVR Index serves as a valuable tool for investors, economists, and policymakers, providing insights into the currency’s strength or weakness with respect to a diversified range of other currencies. 

Here are a few key points about the MVR index:

1. The MVRX is calculated based on the weighted average of the value of Maldivian Rufiyaa against major currencies.

2. A rising MVR Index signals a strengthened MVR when measured against the basket of currencies. This uptrend implies that MVR has gained value in comparison to its counterparts. 

3. Conversely, a declining index suggests a weakened MVR against the basket, indicating a decrease in its value on the global stage.

4. Some financial institutions or platforms might offer customized indexes that track the performance of the Maldivian Rufiyaa.

Benefits of Buying or Selling MVR with BookMyForex

You can buy or sell MVR online at the best rates with BookMyForex, a leading forex platform in India. On our site, you will find the live & transparent MVR rates as the rates get updated every 3 seconds. You get the following benefits when buying or selling MVR: 

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More Currency Information & Important Tools for Maldivian Ruffiya

MVR - Maldivian Ruffiya

The Maldivian Ruffiya is the currency of the . The currency code for Maldivian Ruffiya is "MVR". Click below to get more details and facts about Maldivian Ruffiya, its ranking & rates.

Check Live MVR to INR Rates

Click below to check live MVR rates on BookMyForex.com. Easily place orders online to buy or sell MVR at real-time and transparent exchange rates for accurate currency conversion.

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MVR - Maldivian Ruffiya

The Maldivian Ruffiya is the currency of the . The currency code for Maldivian Ruffiya is "MVR". Click below to get more details and facts about Maldivian Ruffiya, its ranking & rates.

Convert MVR to INR

BookMyForex.com is the best platform in India to convert MVR to INR. Click below to instantly convert MVR to INR at the best exchange rate.

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MVR - Maldivian Ruffiya

The Maldivian Ruffiya is the currency of the . The currency code for Maldivian Ruffiya is "MVR". Click below to get more details and facts about Maldivian Ruffiya, its ranking & rates.

Check MVR to INR Forecast

Make informed decisions about currency exchange. Click below to check MVR to INR forecast rates for the next 7 days, 30 days, and 90 days.

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MVR - INR Forecast

MVR to INR forecast derived from the thorough analysis of MVR to INR exchange rate via moving averages, buy/sell signals & expert chart indicators. Click below to get a detailed MVR to INR forecast.

Check MVR to INR Historical Rate Chart

Analyze past trends with our comprehensive historical rate chart. Click below to check the MVR to INR rate chart for today, the last 7 days, the last 30 days, and the last 1 year.

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