The Maldives rufiyaa is an official currency of Maldives with code MVR and symbol Rf, MRf or MVR. It is subdivided into 100 laari. The Maldives Monetary Authority is sole government body to control and issue currency. During the 13th Century, cowry shells were used as currency in Maldives. In 1344, Ibn Battuta witnessed that more than 400 ships loaded with cowry shells were shipped each year. At that time a single gold dinar was worth of 400,000 cowry shells. Later during the 17th and 18th century, larin was used as Maldives currency. This form of currency was also used India, Persian Gulf and Far East. In 19th and early 20th century, coins were made in laari denomination.
The first laari coin was introduced in early 1960 by order of Sultan Mohammad Fared I from Royal Print England. Coins were made in denominations of 1, 2, 5, 10, 25 and 50 laari. The new established Maldives Monetary Authority introduced coin of 1 rufiyaa on 22nd January 1983. The Maldives People’s Majlis passed a law on Maldivian Bank Notes. Under this law, the banknotes of 1⁄2, 1, 2, 5 and 10 rufiyaa were introduced on 5th September 1948, while note of 50 and 100 rufiyaa were issued in 1951.
Currently Maldives rufiyaa banknotes and coins include:
Banknotes Rf 5, Rf 10, Rf 20, Rf 50, Rf 100, Rf 500, Rf 1000, Rf 5000
Coins 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, Rf 1, Rf 2