Currency of Maldives

Currency of Maldives

Maldivian rufiyaa & laari

> History. Cowry shells

• The earliest form of currency  -  cowry shells
• A single gold dinar was worth 400,000 shells.
• The country’s trade in cowry shells continued until the late 19th century, when it was used mostly as ballast for sailing vessels.

> Dhigu laari

• At first was struck in the Maldives, during the reign of Sultan Ibrahim III ibn Ghazi Muhammed (1585-1607).
• Dhigu laari or larin, which owes its name to Lar, in the Persian Gulf, where it was originally struck, was one of the standard currencies of the Indian Ocean in the late 16th century.

> Loa laari

• Loa laari or laari fothi ("circular coin") was first struck by Sultan Ibrahim Iskandar I (1648-1687).
• The first coins were of silver and fairly coarse. Later, coins of copper and lead were put into circulation.

> Laari

• In 1960, Sultan Mohamed Fareed I ordered coins from the Royal Mint in England. The new issue consisted of denominations of 1, 2, 5, 10, 25 and 50 laari.
• The currency was put into circulation in February 1961 and all the previously traded coins, with the exception of Shamshudeen III's 1 and 4 laari, were withdrawn from circulation on 17 June 1966.

> Later coins

• The central bank, the Maldives Monetary Authority (MMA), introduced the 1 rufiyaa coin made from steel clad copper nickel on 22 January 1983.
• In 1984, a new series of coins were introduced which did not include the 2 laari denomination.
• In 1995, 2 rufiyaa coins were introduced.

> Coins

• Coins currently in circulation are 1 laari, 2 laari, 5 laari, 10 laari, 25 laari, 50 laari, 1 rufiyaa, 2 rufiyaa. 1rufiyaa = 100 laari

> Banknotes

• In 1945, the Parliament passed bill number 2/66 on the "Maldivian Bank Note". Under this law, notes for ½, 1, 2, 5 and 10 rufiyaa were printed and put into circulation in 1947.
• In 1951, 50 and 100 rufiyaa were introduced.
• The current series of banknotes were issued in 1983 in denominations of 2, 5, 10, 20, 50 and 100 rufiyaa.
• 500 rufiyaa notes were added in 1990.
• Illustration of a bunch of coconuts and the "Dhivehi Odi" is common on the front of all banknotes in circulation. The coconut is widely used in the Maldives. The "Dhivehi Odi" built of coconut timber was used for inter island transport.
• Dimension: 70mm x 150mm