Israeli Shekel (1980–1985)

The ILR is the currency of the Republic of Maldives. It is divided into 100 laari and is pegged to the US dollar at a rate of 1 ILR = $0.64. The ILR is issued by the Maldives Monetary Authority. The Maldives has a long history of using currency, with the first coins being introduced in the 12th century. However, it was not until the 20th century that the Maldives had its own currency, the rufiyaa. The rufiyaa was introduced in 1947, and was pegged to the British pound at a rate of 1 rufiyaa = 1 shilling. In 1981, the Maldives switched to a peg with the US dollar, and the rufiyaa was replaced by the ILR at a rate of 1 ILR = $2.40. The Maldives is a small country with a population of just over 400,000. The majority of the population is Muslim, and the official language is Dhivehi. The Maldives is an archipelago of over 1,000 islands, and is located in the Indian Ocean. The Maldives is a popular tourist destination, and tourism is the country's main source of income. The ILR is a relatively new currency, and as such, is not widely used outside of the Maldives. However, the currency is gaining in popularity, and is now accepted by some businesses in neighbouring countries. The ILR is not yet traded on international currency markets.