Maldivian rufiyaa
Worldwide use:
- Maldives
Description:
The Maldivian Rufiyaa is the formal currency of the Maldives. One Maldivian Rufiyaa is worth 100 Laari. Coins are issued in 1, 5, 10, 25 and 50 Laari as well as 1 and 2 Rufiyaa. Banknotes come in 5, 10, 20, 50, 100 and 500 Maldivian Rufiyaa.
The word 'Rufiyaa' comes from 'Rupiyaa' which is a Hindi word meaning 'wrought silver.' It is believed that Sultan Mohamed Imaadhudeen IV of the Maldives established the very first machine minted coins which were Laari coins during the 19th century.
Origin:
The very first transactions in the Maldives were done using cowrie shells and it’s believed that this remained the country’s currency right up into the 13th century. In the 17th and 18th centuries, silver wire straps engraved with Persian and Arabic wording known as Lärin were used. Pure silver coins were circulated by Sultan Ibrahim Iskandar in 1648. In 1787 gold coins were introduced by Sultan Hassan Nooruddin. During the 19th and 20th centuries, bronze Laari coins were circulated. Following this the Ceylonese Rupee was adopted as the country’s currency with Rufiyaa banknotes from 1947. In 1960 the new Laari coins were launched.
Component units:
- laari (100)
Date introduced:
- 1947
Central bank:
- Maldives Monetary Authority
Printer:
- De La Rue PLC
Mint:
- Ministry of Finance and Treasury
