Maldivian Rufiyaa

The Maldives is a sovereign archipelagic nation in the Indian Ocean composed of 26 coral atolls, which are grouped into 19 administrative divisions. The atolls are composed of hundreds of small islets, and together they form an area of 298 square kilometers (115 square miles). The capital and largest city, Malé, has a population of 133,412. The currency of Maldives is called the Rufiyaa. The Maldives has a long history of currency, with various forms of currency in use throughout the centuries. The first known currency in the Maldives was cowry shells, which were used as a form of currency as early as the 12th century. In the 16th century, the Maldives began to use silver coins called laari, which were minted in India and Sri Lanka. Maldivian laari were also minted in the 19th century. In the 20th century, the Maldives switched to using the Indian rupee as its currency. In 1965, the Maldives decimalized the currency, and the new rufiyaa was introduced, with one rufiyaa equal to 100 laari. The rufiyaa has been the currency of the Maldives since then. The Maldives Monetary Authority is the central bank of the Maldives. The Maldives has been a member of the International Monetary Fund since 1982 and the South Asian Association for Regional Cooperation since 1985. The Maldives is also a member of the Asian Clearing Union. The currency of Maldives is called the Rufiyaa. The Rufiyaa is subdivided into 100 laari. The Rufiyaa is pegged to the US Dollar at a rate of 1 USD = 15.42 MVR. The Rufiyaa is issued by the Maldives Monetary Authority. Coins in denominations of 1, 2, 5, 10, 25 and 50 laari are in circulation. Banknotes in denominations of 1, 2, 5, 10, 20, 50 and 100 rufiyaa are in circulation. The Rufiyaa is pegged to the US Dollar at a rate of 1 USD = 15.42 MVR. The Rufiyaa is issued by the Maldives Monetary Authority.