MVRMaldivian RufiyaaMaldivian Rufiyaa (MVR)
The Maldivian rufiyaa is the official currency of the Maldives. The Maldives Monetary Authority is responsible for currency issuance and monetary policy, and MVR is the ISO code used in international exchange-rate records. One rufiyaa is divided into 100 laari. The rufiyaa is used for domestic prices and payments across the Maldives, including its tourism economy. The authority's reports use the rufiyaa as their presentation currency and publish exchange information against major currencies, which provides a direct institutional context for a dated MVR conversion.
- ISO code
- MVR
- Symbol
- MVR
- Region
- Asia Pacific
- Currency type
- Fiat currency
- Exchange system
- Maldivian Rufiyaa operates under the reviewed managed exchange-rate band around the u.s. dollar reference point arrangement, with U.S. dollar reference point within the official band.
- Last reviewed
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Quick facts
MVR at a glance
Currency profile
How MVR works
The Maldivian rufiyaa is the official currency of the Maldives. The Maldives Monetary Authority is responsible for currency issuance and monetary policy, and MVR is the ISO code used in international exchange-rate records. One rufiyaa is divided into 100 laari. The rufiyaa is used for domestic prices and payments across the Maldives, including its tourism economy. The authority's reports use the rufiyaa as their presentation currency and publish exchange information against major currencies, which provides a direct institutional context for a dated MVR conversion.
Maldives Monetary Authority administers MVR within a managed exchange-rate band around the u.s. dollar reference point system.
- The rufiyaa is the modern national currency of the Maldives.
- The reviewed cash profile records MVR 5, MVR 10, MVR 20, MVR 50, MVR 100, MVR 500, MVR 1,000 for banknotes and 1, 2, 5, 10, 25 and 50 laari, MVR 1, MVR 2 for coins.
Context
Why this currency matters
The Maldives Monetary Authority describes a managed arrangement in which the rufiyaa may fluctuate within a band around its U.S. dollar reference point. Its 2024 annual report records a band of plus or minus 20 percent around MVR 12.85 per USD under the applicable monetary framework. MVR also has a physical cash identity, with rufiyaa notes and laari coins used alongside electronic and card channels. This distinction helps readers separate the official reference framework, the publication date and the currency's physical denominations. The Maldives Monetary Authority's annual report also provides a useful institutional frame for reading the currency profile: the rufiyaa serves as the authority's presentation currency, and the band information should be read together with the published date rather than treated as an undated promise. The MVR profile lists notes from MVR 5 through MVR 1,000, while laari coins represent the smaller unit. These details connect the exchange-rate page to the currency used in local accounting and cash payments. The rufiyaa is the monetary unit used in the Maldives, with the Maldives Monetary Authority responsible for the currency framework. Its reference-rate context can matter to travel budgets, imports and domestic accounts.
Monetary framework
Exchange arrangement
Maldivian Rufiyaa operates under the reviewed managed exchange-rate band around the u.s. dollar reference point arrangement, with U.S. dollar reference point within the official band.
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History timeline
Key dates for MVR
Rufiyaa introduced
The Maldives introduced the rufiyaa as its modern national currency.
Maldives Monetary AuthorityMonetary authority established
The Maldives Monetary Authority assumed central monetary and currency responsibilities.
Maldives Monetary AuthorityManaged exchange band widened
The authority introduced a wider permitted trading band around the U.S. dollar reference rate.
Maldives Monetary Authority
Usage and economy
How MVR is used
- MVR is used for Maldivian wages, taxes, local retail prices and public accounts.
- Tourism receipts and import payments make rufiyaa comparisons with USD, INR and LKR particularly relevant.
Banknotes and coins
MVR currency units
The issuing authority documents the reviewed MVR banknote denominations used in the current cash system.
The issuing authority documents the circulation coin system for MVR.
One Maldivian Rufiyaa unit is recorded with 2 decimal places and uses Laari as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
MVR questions
Who manages the rufiyaa?
The Maldives Monetary Authority oversees currency issuance and the monetary framework for the Maldives.
Is MVR a free-floating currency?
The Maldives Monetary Authority describes a managed band around a U.S. dollar reference point rather than a purely free-floating arrangement.
Why is MVR described with a U.S. dollar reference point?
The Maldives Monetary Authority describes a managed band around the U.S. dollar reference point; that published band is the currency arrangement to use when reading MVR data.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.