The Maldivian rufiyaa (Dhivehi: ދިވެހި ރުފިޔާ; sign: Rf or .ރ; code: MVR) is the currency of the Maldives. The issuance of the currency is controlled by the Maldives Monetary Authority (MMA). The most commonly used symbols for the rufiyaa are MVR 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 Sanskrit रूप्य (rūpya, wrought silver). The midpoint of exchange rate is Rf. 12/85 per US dollar and the rate is permitted to fluctuate within a ±20% band, i.e. between Rf. 10/28 and Rf. 15/42 as of 10 April 2017.
MVR Coins
In early 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in February 1961 and all the previously traded coins, with the exception of Shamshudeen III’s 1 and 4 laari, were withdrawn from circulation on 17 June 1966.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 Rf. 1/- coin on 22 January 1983. The coin was made from steel clad copper nickel[citation needed] 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, Rf. 2/- coins were introduced. Coins currently in circulation are 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, Rf. 1/-, Rf. 2/-.
MVR Banknotes
In 1945, the Majlis of the Maldives (Parliament) passed bill number 2/66 on the “Maldivian Bank Note”. Under this law, banknotes for Rf. 1⁄2, Rf. 1/-, Rf. 2/-, Rf. 5/- and Rf. 10/- were printed and put into circulation on 5 September 1948.[3] In 1951, Rf. 50/- and Rf. 100/- banknotes were introduced.
The current series of banknotes was issued in 1983 in denominations of Rf. 2/-, Rf. 5/-, Rf. 10/-, Rf. 20/-, Rf. 50/- and Rf. 100/-. Rf. 500/- banknotes were added in 1990, with the Rf. 2/- replaced by a coin in 1995.
In October 2015, the Maldives Monetary Authority issued a Rf. 5,000/- banknote in polymer to commemorate the 50th anniversary of independence, and issued a new family of banknotes in polymer that included a new denomination of Rf. 1,000/-. A Rf. 5/- banknote printed in polymer was revealed in May 2017 and was issued in July 2017. It was originally planned that this denomination was to be replaced by a coin of the same denomination, but public input convinced the Maldives Monetary Authority to go for the banknote.
Illustrations on the banknotes were done by Maizan Hassan Manik and Abbaas (Bamboo).