Maldivian Rufiyaa
ރުފިޔާ
Currency Code
MVR
ISO 462
Symbol
MVR
Native: .ރ
Decimal Digits
2
Rounding: 0
Countries
MV
Using this currency
Currency Units
Major Unit
Name: rufiyaa
Symbol: .ރ
Minor Unit
Name: laari
Symbol:
Value: 0.01
Banknotes
Frequently Used
.ރ10.ރ20.ރ50.ރ100.ރ500.ރ1000
Coins
Frequently Used
1 laari2 laari5 laari10 laari25 laari50 laari.ރ1.ރ2
Plural Forms
English Plural
Maldivian rufiyaas
Native Plural
ރުފިޔާ
Overview
The Maldivian Rufiyaa is the currency of the Maldives, managed by the Maldives Monetary Authority. It serves a tourism-dependent economy in the Indian Ocean archipelago and has been under pressure due to external imbalances.
Economy
- Maldives is a member of SAARC, Commonwealth, OIC, Non-Aligned Movement.
- Main industries include: Tourism, Fish processing, Shipping, Boat building, Coconut and palm processing, Woven mats, Rope, Handicrafts, Coral and sand mining.
- Maldives is part of the World Trade Organization.
- Imports are petroleum products, clothing, intermediate and capital goods.
- Major exports include fish, clothing.
- GDP: $6.6 billion (2023 est.).
- GDP per capita: $11,818 (2023 est.).
- Unemployment rate: 4.1% (2016 est.).
- Inflation rate: 2.3% (2023 est.).
- Main trading partners: United Arab Emirates, India, Singapore, China, Malaysia, Sri Lanka.
- Trade agreements: SAFTA, Various bilateral agreements.
History
- Previous currencies used: Maldivian rupee, Ceylon rupee, Indian rupee.
- The rufiyaa was introduced in 1947, replacing the Maldivian rupee. The name comes from the Sanskrit word 'rupya', meaning silver.
- 1947: Rufiyaa introduced, replacing Maldivian rupee
- 1981: Maldives Monetary Authority established
- 1982: Resort tourism industry begins
- 2004: Indian Ocean tsunami impact
- 2015: Democracy and economic liberalization
- 2020: COVID-19 pandemic devastating tourism
- Exchange rate peg: Managed float with interventions.
General Information
- ISO 4217 Code: MVR
- Symbols: MVR/.ރ
- Currency Subunits: 100 laari
- Central Bank: Maldives Monetary Authority
- Monetary Policy: Managed floating exchange rate with focus on external balance and supporting tourism-dependent economy.
- Bills: 5 MVR, 10 MVR, 20 MVR, 50 MVR, 100 MVR, 500 MVR, 1000 MVR
- Coins: 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, 1 rufiyaa, 2 rufiyaa
- USD Exchange Rate: Variable (approximately 15.4 MVR per USD)
- Pegged To: None (Floating)
- Capital: Malé
- Population: 390,164 (2023 est.)
- Area: 298 km²
- Languages: Dhivehi (official), English
- Time Zones: UTC+5 (Maldives Time)
- Government Type: Presidential republic
- Head of Government: President (head of state and government)
- Independence: July 26, 1965 (from United Kingdom)
- Ethnic Groups: South Indians, Sinhalese, Arabs
- Religions: Sunni Muslim 100%
- Literacy Rate: 97.7% (2016 est.)
- Transport: Velana International Airport, seaplanes, boats between atolls, limited roads on individual islands
- Communications: Good telecommunications, 86% internet penetration, mobile coverage on inhabited islands
- Energy: Fossil fuels 99%, Solar 1% (growing renewable energy initiatives)
- Countries Using This Currency: Maldives
- Data Sources: Central Bank: Maldives Monetary Authority (mma.gov.mv), Economic Data: National Bureau of Statistics Maldives, World Bank, IMF, Trade Data: Maldives Customs Service, Demographic Data: National Bureau of Statistics Maldives, Geographic Data: Maldives Meteorological Service, Historical Data: Maldives Monetary Authority archives
- Last Updated: 2025