MVR, short for "Maldivian Rufiyaa," is the official currency of the Maldives, a tropical island nation located in the Indian Ocean. The Maldivian Rufiyaa is issued by the Maldives Monetary Authority (MMA) as legal tender for all transactions within the country.
The MVR is divided into 100 laari, and its symbol is ރ, which is derived from the basic unit "rufiyaa." The Maldivian Rufiyaa was introduced in 1981 to replace the previous currency system based on the Indian Rupee. The denominations of banknotes currently in circulation include 5, 10, 20, 50, 100, 500, and 1000 rufiyaa, while the coins consist of 1, 2, 5, 10, 25, and 50 laari.
As the Maldives is a popular tourist destination, the MVR commonly exchanges with major international currencies such as the US Dollar, Euro, and British Pound. Foreign visitors can usually obtain Maldivian Rufiyaa at currency exchange counters that are available at airports, banks, and some hotels within the country.
Due to its floating exchange rate, the value of the MVR fluctuates against other currencies, influenced by factors such as inflation, foreign investment, and global economic conditions. The Maldives primarily relies on its tourism industry and fisheries sector for economic growth, making the exchange rate of the MVR critical in determining the cost and value of goods and services within the country.
