The currency of the Maldives. Rate and denomination

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The Maldives is a tiny country in the Indian Ocean that gained independence only in 1965. The currency of the Maldives got its name from the Indian monetary unit, which is called the rupee. The Maldivian rufiyaa is designated as MVR in the global financial market.

A Brief History

Before you go on a trip or vacation to the Maldives, you need to find out what currency is in the Maldives, because this is one of the most important questions for a tourist. But before that, a little history…

The Maldivian rufiyaa owes its name to the Indian rupee. Since the Middle Ages, India has had a very great influence on a small island state, which is why, when the Maldives proclaimed its independence, it was decided to name the currency by the states following the example of its larger neighbor. Due to linguistic peculiarities, the name has been slightly modified.

The currency of the Maldives was officially put into circulation at the end of the winter of 1966, replacing the British pounds.

Denomination

Today, in the Republic of Maldives, all monetary and financial issues are decided by the national bank, which introduced paper banknotes in denominations of five, ten, twenty,fifty, one hundred, five hundred and one thousand Maldivian rufiyaas.

The currency of the Maldives has divisions into smaller change coins, which are called laari, and there are a hundred of them in one rufiyaa. They are minted in denominations of one, two, five, ten, twenty-five and fifty laari. There are also metal coins in denominations of one and two rufiyaas.

Appearance of the Maldivian currency

Absolutely all banknotes on the islands have the image of a sailing brig, which symbolizes the huge role of the sea for the state and the population. Paper banknotes of small denomination depict scenes from the life of the ordinary population of the country, the life of people and fishing. Banknotes of higher denominations depict the architectural monuments of the islands and elements of the modern architecture of the state.

An interesting feature of the Maldivian rufiyaa is that it is still printed by the Royal Printing Houses of Great Britain, where it was originally printed. By the way, the British pound is also issued there.

Unlike paper notes, the metal coins of the islands have a much more varied appearance. The smallest coin with a denomination of 1 laari is made of aluminum and has the shape of a circle familiar to a European person. The larger five and ten laari coins are made of the same material, but have a slightly different shape, which is more like the shape of a flower. Coins of twenty-five, fifty laari and one rufiya, having a rounded shape, are made of an alloy of bronze, copper and nickel. The two rufiyaa coin is made of copper-zinc alloy in the shape of a square with rounded corners.

On the front side of the coins are depicted the denomination and the name of the country, and on the reverse side - state symbols: a palm tree, a sailing ship, a fish and a turtle, a coat of arms and a clam shell, as well as the presidential palace in the country's capital.

Maldives. Exchange rate and exchange

The Maldivian rufiyaa is a relatively inexpensive currency, its exchange rate is approximately $0.067, that is, there are approximately 15 Maldivian rufiyaa in 1 US dollar. One British pound contains about twenty rufiyaas. These rates are approximate as they change daily.

As for the currency exchange on the islands, then there will be no problems. In almost any bank, at the airport, at the pier or any other exchange office, you will be happy to exchange your currency for local. It is easiest and most profitable to exchange dollars, euros and pounds sterling. They also willingly work with the Indian national currency. There may be some problems with the currencies of other countries.

In addition to the above monetary units, it is quite easy to exchange Russian rubles on the islands.

Maldives. Currency. Ruble exchange rate

The islands today are very popular among Russian tourists, so travel agencies, banks and other service organizations have long adapted to "our" tourists. Rufiyaa is the currency (Maldives), its exchange rate fluctuates at the level of 3-4 rubles against the ruble. For todaya day, one Maldivian rufiyaa contains approximately 0.27 Russian rubles, that is, one rufiyaa contains a little more than three and a half rubles.

As mentioned above, there are no problems with the exchange of the Russian ruble for the Maldivian currency. Due to the large flow of Russian tourists to the islands, all financial institutions and exchange offices are happy to work with the currency of the Russian Federation. Some problems can only arise if you decide to exchange your money outside the capital city of Male. On other islands, rubles are also changed, but at an overvalued rate and not everywhere, so it’s better to take care of purchasing local currency in advance.

Conclusion

Before any trip abroad, it is better to find out in advance what currency is in the country of destination, because this is one of the key points. It is also worth finding out in advance about how the issue of currency exchange is, and which one is better to take with you. Not everywhere it will be profitable and convenient to come with the Russian ruble, in some countries it is better to bring dollars or other currency.

Traveling to the Maldives for a Russian tourist is attractive not only for its climate, azure ocean and sandy beaches, but also for the fact that here you can easily exchange rubles at a fairly favorable rate, so there is no point in worrying about it.