Currency of Maldives facts for kids
The official money of the Maldives is called the Rufiyaa. It was first used in 1947. Each Rufiyaa is made up of 100 smaller coins called laari.
Contents
History of Money in the Maldives
Cowry Shells: The First Money
Long ago, the Maldives used special shells called cowry shells (or boli) as money. These shells were the first type of currency known there. People from other countries wrote about how the Maldives traded with these shells. Cowry shells were used as money in parts of Asia and Africa too. In the past, cowry shells were even grown in the Maldives. The famous traveler Ibn Battuta visited the Maldives and saw these shells being used. They were still used as money until the late 1800s. Sometimes, they were even used as heavy material (ballast) in sailing ships.
Dhigu Laari: The Silver Sticks
History tells us that the first dhigu laari was made in the Maldives. This happened when Sultan Ibrahim III (who ruled from 1585 to 1607) was in charge. The dhigu laari is also known as a larin. It got its name from a place called Lar in the Persian Gulf, where it was first made. This type of money was very common around the Indian Ocean in the late 1500s.
A dhigu laari is a long piece of silver, about three inches long. It was folded over and had the sultan's name stamped on it in Arabic script.
Loa Laari: The Round Coins
Loa laari means "circular coin" or "laari fothi." The first of these round coins were made by Sultan Ibrahim Iskandar I (who ruled from 1648 to 1687). The first coins were made of silver and looked a bit rough. Later, coins made of copper and lead were also used.
Some gold coins were also made by Sultan Hassan Nooraddin (who ruled from 1779 to 1799). These gold coins were called mohori and bai mohori. People said they were the most beautiful coins made in the Maldives. However, these special gold coins were never actually used by the public.
Money Today
The money used in the Maldives today is called the rufiyaa. Its official code is MVR, and its symbol is Rf.. The rufiyaa was first introduced in 1947. One rufiyaa is divided into 100 smaller units called laari.
The Maldivian rufiyaa's value is linked to the US dollar. For example, in early 2009, about 12.80 Maldivian Rufiyaa was equal to one US dollar. The government sometimes adjusts how much the rufiyaa can change in value compared to the US dollar.
