What is 'MVR (Maldivian Rufiyaa)'

MVR is the currency abbreviation for the Maldivian rufiyaa, which is the currency for the Maldives or the Maldive Islands. The Maldives are officially called the Republic of Maldives and they are technically a South Asian country located in the Indian ocean, southwest of Sri Lanka and India. The Maldives consist of a chain of approximately 1,192 islands.

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 rupaya and can be translated to mean wrought silver. The central bank that operates the MVR is the Maldives Monetary Authority, which also issues the daily exchange rate from MVR to USD. The Maldives Monetary Authority central bank is a well-run and organized structure that releases monthly financial reports, monetary policies, and updates.

BREAKING DOWN 'MVR (Maldivian Rufiyaa)'

The Maldivian rufiyaa (MVR) 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.

Limitations of the Maldivian rufiyaa

You can see many of the world’s currency rates online through currency calculators, although you do have to be careful about the source and realize that they can change very quickly. One of the most common currency conversions is USD to MVR, which typically has an exchange rate of one U.S. dollar equaling approximately fifteen MVR.

The inflation rate for the MVR is currently around 2.50 percent and the most commonly used forms of the MVR currency are the 1, 2, 5, 10, 25, and 50-denomination coins. For banknotes, the people of the Maldives tend to use 5, 10, 20, 50, 100, 200, and 500 banknotes the most.

The Maldives have been touted as a financial and development success story. In the early 1980s, the Maldives were ranked as one of the top 20 poorest countries in the entire world. By 2012, however, the Maldives had reached a status as a middle-income country with a per capita income of over $6,300. The country did suffer several financial setbacks, including the 2004 tsunami, and continues to build economically.

RELATED TERMS
  1. MVR

    MVR is the abbreviation for the Maldive rufiyaa, the currency ...
  2. NZD

    In the currency market, this is the abbreviation for the New ...
  3. Bullion Coins

    Bullion coins are precious metal coins that are generally bought ...
  4. Currency Symbol

    Currency symbol is a graphical symbol used as a substitute for ...
  5. PKR

    In currencies, this is the abbreviation for the Pakistani Rupee.
  6. KZT

    The currency abbreviation or currency symbol for the Kazakhstan ...
Related Articles
  1. Trading

    History Of Coinage In The U.S.

    From the barter system to commemorative coins, we look at the history of U.S. money.
  2. Tech

    The History Of Money: From Barter To Banknotes

    Money has been a part of human history for at least 3,000 years. Learn how it evolved.
  3. Investing

    5 Best Bets For Buying Gold

    Gold is a desirable alternative for those looking to diversify their risk. Jewelry, bullion, gold-mining companies' stocks, and ETFs are some of the available investment vehicles.
  4. Insurance

    Car Insurance Rates Too High? Check the Record

    Your driving history is clean as a whistle yet your premium has shot up. Here’s how to find out why – and what you can do about it.
  5. Insights

    How Currency Works

    Currency offers key advantages over economies based on direct trade, including a broader market for sellers' goods and services and transport ease.
  6. Investing

    Liquidity Vs. Solvency

    Learn about the differences between these two words and how each one is used in the stock market.
  7. Managing Wealth

    JetBlue's Lower-Priced First-Class Airline Seats

    JetBlue is expanding its Mint service to provide more relatively low-cost first class seats. Just how comfortable are they?
  8. Trading

    7 Currency Blunders You Could Cash In On

    The government has made its share of mistakes when it comes to printing money, and the results are collector's items.
  9. Investing

    Translating Ticker Talk

    Stock tickers can say a lot about a company in just a few letters. Find out how to read them.
  10. Investing

    What Is Equity?

    Find out more on equity, and why this word has multiple meanings for everybody.
RELATED FAQS
  1. How your driving record affect your car insurance?

    Find out why your car insurance company pulls your driving record, how it is used to determine your premium and the importance ... Read Answer >>
  2. When did the U.S. start using paper money?

    The roots of paper money in the U.S. dates back to the 1600s in Massachusetts, when the pioneering colony printed bills and ... Read Answer >>
  3. Why Do Mutual Fund Tickers Have an 'X' at the End?

    Mutual fund tickers end with an 'X' to distinguish them from other types of securities. Read Answer >>
  4. Can I invest in gold or silver with my Roth IRA?

    Learn how you can purchase gold coins and bars with your Roth IRA, or how you can diversify part of your assets by purchasing ... Read Answer >>
Hot Definitions
  1. Inflation

    Inflation is the rate at which prices for goods and services is rising and the worth of currency is dropping.
  2. Discount Rate

    Discount rate is the interest rate charged to commercial banks and other depository institutions for loans received from ...
  3. Economies of Scale

    Economies of scale refer to reduced costs per unit that arise from increased total output of a product. For example, a larger ...
  4. Quick Ratio

    The quick ratio measures a company’s ability to meet its short-term obligations with its most liquid assets.
  5. Leverage

    Leverage results from using borrowed capital as a source of funding when investing to expand the firm's asset base and generate ...
  6. Financial Risk

    Financial risk is the possibility that shareholders will lose money when investing in a company if its cash flow fails to ...
Trading Center