Maldivian Rufiyaa (MVR)

Basic Concepts of Maldivian Rafia

The Maldivian Rafia is the official currency of the Republic of Maldives, with the ISO code MVR and the symbol Rf. It is issued and managed by the Maldives Monetary Authority, and is primarily used for day-to-day transactions and financial activities within the Maldives.

Countries of use

The Maldivian Rafia circulates only within the Republic of Maldives. As an island nation, the Maldives relies on tourism and fishing, and the currency is common to all islands and resorts in the country, with the US dollar usually available to tourists as a complementary form of payment.

Units and denominations

The Maldivian Rafia is divided into Laari, with 1 Rafia equaling 100 Laari. Banknotes come in denominations of 5, 10, 20, 50, 100, 500 and 1,000 Rafia, while coins come in denominations of 1, 5, 10, 25, 50 Laari as well as 1 and 2 Rafia, and are often designed to reflect local cultural and natural elements.

Historical Background

The Maldivian Rafia was first introduced in 1947, replacing the previous Rupee. Initially pegged to the Sri Lankan rupee, it was later changed to a managed floating exchange rate system. The evolution of the currency reflects the Maldives' transition from a fishing economy to tourism, and security has been enhanced in recent years by updates in anti-counterfeiting technology.