RUFIYAA Meaning and
Definition
-
The term "rufiyaa" refers to a currency and monetary unit used in the Republic of Maldives. It is the official currency of the country and is denoted by the currency symbol ރ and the three-letter currency code MVR. The rufiyaa is a decimal-based currency, subdivided into 100 units, known as "laari."
The name "rufiyaa" is derived from the Hindi word "rupaya," which translates to "rupee" in English. Introduced in 1947, the Maldivian rufiyaa replaced the Ceylonese rupee as the official currency after the Maldives gained independence from British rule. Initially pegged to the US dollar, the rufiyaa was later linked to the International Monetary Fund's Special Drawing Rights (SDR).
The rufiyaa is issued and regulated by the Maldives Monetary Authority (MMA), the central bank of the country. The banknotes of the rufiyaa are available in denominations of 5, 10, 20, 50, 100, 500, and 1,000 rufiyaa, while the coins come in denominations of 1, 2, 5, 10, 25, and 50 laari.
The rufiyaa holds a crucial role in everyday transactions in the Maldives, including the purchase of goods and services, as well as financial activities within the country. Exchange rates for the rufiyaa are determined by market forces and are subject to fluctuations.
Common Misspellings for RUFIYAA
- eufiyaa
- dufiyaa
- fufiyaa
- tufiyaa
- 5ufiyaa
- 4ufiyaa
- ryfiyaa
- rhfiyaa
- rjfiyaa
- rifiyaa
- r8fiyaa
- r7fiyaa
- rudiyaa
- ruciyaa
- ruviyaa
- rugiyaa
- rutiyaa
- ruriyaa
- rufuyaa
- rufjyaa
Etymology of RUFIYAA
The word "rufiyaa" is the currency of the Maldives. Its etymology can be traced back to the Sanskrit word "rūpāya", which means "wrought silver" or "coin". "Rūpāya" was adopted into the Dhivehi language, the official language of the Maldives, and over time, it transformed into "rufiyaa", the modern-day currency. The change from "rūpāya" to "rufiyaa" could be attributed to linguistic evolution and the pronunciation shifts specific to the Dhivehi language.
