What is the currency of the Maldives?

The currency of the Maldives is the Maldivian rufiyaa. Its ISO 4217 code is MVR, and it is issued and controlled by the Maldives Monetary Authority. One rufiyaa is divided into 100 laari, the smaller unit used for Maldivian coins.

The name rufiyaa ultimately comes from the Sanskrit word rūpya, meaning “wrought silver.” That linguistic connection reflects the Maldives’ long trading links across the Indian Ocean. Before modern notes and coins, cowrie shells were an important medium of exchange; the 14th-century traveller Ibn Battuta recorded their large-scale export from the islands.

The Maldives also used silver wire currency called lārin during the 17th and 18th centuries. In the 20th century, the Ceylonese rupee circulated alongside Maldivian banknotes. Rufiyaa banknotes were issued in 1947, while laari coins were introduced in 1960.

The rufiyaa is sometimes confused with the Indian rupee, Sri Lankan rupee, or Bangladeshi taka because the Maldives is part of South Asia. Those are separate national currencies. The Maldives’ currency code changed from MVQ to MVR in 1990.