Malagasy Franc

MGF (Maldivian Rufiyaa) is the currency of the Maldives. It is divided into 100 laari and is subdivided into 10 dirham. The rufiyaa was introduced in 1947 and was pegged to the Indian rupee until 1972, when it was revalued at a rate of 1 rufiyaa = 2.5 rupees. The rufiyaa was floated in 1973 and has since been allowed to fluctuate freely against a basket of currencies. The rufiyaa is issued by the Maldives Monetary Authority. The rufiyaa has been relatively stable since its floatation, with an average exchange rate of around 15 per US dollar. The Maldives has a small but growing economy, with a nominal GDP of around $3 billion. Tourism is the largest sector of the economy, accounting for around 28% of GDP. Fishing is also an important sector, accounting for around 10% of GDP. The Maldives is a member of the South Asian Association for Regional Cooperation (SAARC) and the Commonwealth of Nations. The Maldives is a popular tourist destination, with beautiful beaches and clear blue waters. The country is also home to a number of luxury resorts. The Maldives is a Muslim country and alcohol is not widely available. The currency is the rufiyaa and the exchange rate is around 15 per US dollar.