Ruffiyaa is the currency of the Maldives, a sovereign island country located in South Asia in the Indian Ocean. The word "ruffiyaa" is derived from the Hindi word "rupiya," which means "rupee," the basic unit of currency in many South Asian countries.
In the Maldivian context, ruffiyaa refers specifically to the official currency of the Maldives. It is represented by the symbol ރ and the currency code MVR. One ruffiyaa is subdivided into 100 laari, which are smaller denominations used for pricing goods and services.
Introduced in 1981, the ruffiyaa replaced the Maldivian rupee at a 1:1 exchange rate, when the country gained independence from the British Empire in 1965. The issuance and regulation of ruffiyaa notes and coins are overseen by the Maldives Monetary Authority.
Ruffiyaa banknotes come in denominations of 5, 10, 20, 50, 100, 500, and 1,000, and are adorned with various designs reflecting the Maldivian culture and natural beauty. Coins are available in 1, 2, 5, 10, 25, and 50, laari, as well as 1 and 2 ruffiyaa. These coins feature national symbols, local artifacts, and Islamic designs.
Ruffiyaa is widely accepted throughout the Maldives, both as a medium of exchange and a store of value. Its value is subject to fluctuations in international currency markets and is determined by various economic factors, including trade balances, interest rates, and government policies.
