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The Maldivian rufiyaa (; Currency symbol: 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 rufiyaa is subdivided into 100 Maldivian laari.
The name rufiyaa is derived from the Sanskrit रूप्य (, ). The midpoint of exchange rate is Rf. per US dollar and the rate is permitted to fluctuate within a ±20% band, i.e. between Rf. and Rf. as of 10 April 2017. MMA announcement
During the 17th and 18th centuries, lārin[2] After Lar in modern day Iran where it was first minted (parallel straps of silver wire folded in half with dyed Persian language and Arabic inscriptions) were imported and traded as currency. This form of currency was used in the Persian Gulf, India, Ceylon and the Far East during this time. Historians agree that this new form of currency was most probably exchanged for cowry shells and indicates Maldives' lucrative trade with these countries. The first Sultan to imprint his own seal onto this currency was Ghaazee Muhammad Thakurufaanu al-Auzam. The seal was much broader than the wires hence it was barely legible.
The first known of coins were introduced by Sultan Ibrahim Iskandar (1648–1687). Compared to the previous forms of money, these coins were much neater and minted in pure silver. The coins were minted in the capital city of Malé, a fact which it acknowledged on the reverse. The legend "King of Land and Sea, Iskandhar the Great" () is found on the edge.
After this period, gold coins replaced the existing silver ones during the reign of Sultan Hassan Nooruddin in 1787. He used two different qualities of gold in his coins; one was called Mohoree and the other Baimohoree, of which the former is of higher value. How this gold was obtained is uncertain.
Throughout the nineteenth and early twentieth centuries, bronze coins were issued denominated in Maldivian laari. Sultan Mohamed Imaadhudheen IV (1900–1904) introduced what historians believe to be the first machine struck coins, judging the superior quality of the engravements. His successor Sultan Mohamed Shamshudeen III (1904–1935) made the last of these coins, 1 and 4 laari denominations, which were struck in the United Kingdom by Heaton's Mint, Birmingham, England in 1913.
Following the end of coin production specifically for the Maldives, the Sultanate came to use the Ceylonese rupee. This was supplemented in 1947 by issues of banknotes denominated in rufiyaa, equal in value to the rupee. In 1960, coins denominated in laari, now worth one hundredth of the rufiyaa, were introduced.
In 1990, the ISO 4217 code was changed from (Maldive rupee) into (rufiyaa).
The newly established central bank, the Maldives Monetary Authority (MMA), introduced the Rf. 1 coin on 22 January 1983. The coin 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. In 2017, a bimetallic Rf. 2 coin was introduced into circulation to replace the previous RF. 2 coin.
| 1 laari | 15.00 | 0.456 | Aluminum | Smooth | Lettering: Maldives and ދިވެހިރާއްޖޭ ; value | Coconut palm; year of issue | 1984 | ||
| 5 laari | 20.32 | 2.00 | Aluminum | Smooth | Tuna; year of issue | 1984–1990 | |||
| 16.85 | 0.62 | Reeded | 2012 | ||||||
| 10 laari | 23.11 | 1.95 | Aluminum | Smooth | Odi; year of issue | 1984–2001 | |||
| 18.10 | 0.85 | 2012 | |||||||
| 25 laari | 20.19 | 4.15 | Nickel brass | Reeded | Malé minaret; year of issue | 1984–1996 | |||
| 3.75 | Brass-plated steel | 2008 | |||||||
| 50 laari | 23.60 | 5.65 | Nickel brass | Reeded | Loggerhead sea turtle; year of issue | 1984–1995 | |||
| 5.15 | Brass-plated steel | 2008 | |||||||
| 1 rufiyaa | 25.91 | 6.41 | Nickel-plated steel | Reeded | Lettering: Republic of Maldives; value | Coat of arms; year of issue | 1982 | ||
| 2 rufiyaa | 25.50 | 11.70 | Nickel brass | Reeded with lettering: | Conch shell; Lettering: ދިވެހިރާއްޖ ; year of issue | 1995–2007 | |||
| Brass-plated steel | 2007 | ||||||||
| 25.50 | 6.20 | Outer: Nickel brass | Plain | 2017 | |||||
| Inner: Nickel-plated steel |
The previous series of banknotes were 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).
| [4] | Rf. | 109 × 57 | Palm tree and lateen rigged Mas dhoani; Mas odi, a square rigged vessel | 5 September 1948 | 1983 | |
| [5] | Rf. 1 | 115 × 64 | Customs House building | |||
| [6] | Rf. 2 | 127 × 76 | Royal Jetty | |||
| [7] | Rf. 5 | 140 × 88 | Sakkarannya Gate | |||
| [8] | Rf. 10 | 156 × 103 | Veyodorhu Ganduvaru Mathige; Medhumaa Gate | |||
| [9] | Rf. 50 | 159 × 107 | Ibrahimiyya Building; Dhathurah Araavadaigannavaa Gate | 8 May 1951 | ||
| [10] | Rf. 100 | 166 × 118 | Court of Eterekoilu |
| [11] | Rf. 2 | 150 × 70 | Olive green | Dhivehi Odi ship; coconuts | Beaches | 1983, 1990 | 1 August 2016 | 31 December 2021 | |
| [12] | Rf. 5 | Violet | Fishing boats | 1983, 1990 | 1 January 2018 | ||||
| [13] | 1998, 2000, 2006, 2011 | ||||||||
| [14] | Rf. 10 | Brown | Island village | 1983 | 1 August 2016 | ||||
| [15] | 1998, 2006 | ||||||||
| [16] | Rf. 20 | Pink | Malé inner harbour | 1983, 1987 | |||||
| [17] | 2000, 2008 | ||||||||
| [18] | Rf. 50 | Blue | Bazar in Malé | 1983, 1987 | |||||
| [19] | 2000, 2008 | ||||||||
| [20] | Rf. 100 | Green | Medhu Ziyaaraiy | 1983, 1987 | |||||
| [21] | 1995, 2000, 2013 | ||||||||
| [22] | Rf. 500 | Red | Islamic Centre and Mosque | 1990, 1996 | 11 May 2007 | 8 November 2007 | |||
| [23] | 2006, 2008 | 1 August 2016 | 31 December 2021 | ||||||
| [24] | Rf. 5 | 150 × 70 | Grey | Football players; people celebrating | Conch shell | 2017 | |
| [25] | Rf. 10 | Yellow | Toddy tapper; people playing boduberu | Boduberu | 2015, 2018 | ||
| [26] | Rf. 20 | Purple | Fisherman with skipjack tuna; Velana International Airport | Dhoni | 2015, 2020 | ||
| [27] | Rf. 50 | Green | A boy reciting the Quran; Men pulling boats from the beach onto the water | Friday Mosque minaret | 2015, 2022 | ||
| [28] | Rf. 100 | Red | Woman wearing traditional dress ( Libaas), working on the neckline threading ( Hiru) | Lōmāfānu (early Dhivehi scripture) | 2015, 2018, 2024 | ||
| [29] | Rf. 500 | Orange | Wood carving; a woman making ekels ( Iloshi) | Naalhi (traditional hand carved vase) | 2015 | ||
| [30] | Rf. 1000 | Blue | Green turtle; Manta rays | Whale shark | 2015 | ||
The design was chosen among 70 concept proposals received through a nationwide competition. The proposals were evaluated by an evaluation committee comprising members from the MMA, Dhivehi Bahuge Academy and other areas of expertise.
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