DEFINITION of 'MVR (Maldivian Rufiyaa)'
The currency abbreviation for the Maldivian rufiyaa (MVR), the currency for the Maldives. The Maldivian rufiyaa is made up of 100 laari and is often presented with the symbol Rf or MRF. The name rufiyaa is based on the Hindi word "rupaya", which comes from the Sanskrit word "rupya" and can be translated to mean "wrought silver".
BREAKING DOWN 'MVR (Maldivian Rufiyaa)'
The Maldivian rufiyaa came about in 1947, when it replaced the Ceylonese rupee at par. However, the laari, the subunit of the rufiyaa, was used in the Maldives much earlier, and can be traced back to the 19th century. Bronze coins issued throughout the 19th and early 20th centuries were denominated in laari. These laari coins had their last minting in 1913. Today's laari was first minted in 1960.