The
Republic of Maldives has it’s
own currency. This currency is the
rufiyaa and the laari.
The currency of Maldives has a
history of its’ own. The first
currency of the country cowry shells
was known as 'Boli '. Indeed, in
former times the country was a major
centre for cowry shells. Cowry shells
were used not just here but Asia
and East Africa. These shells were
utilized as a medium of exchange
for an extended period of time.
The use of such shells was continued
until late 19th century.
The laari has been introduced under
the reign of Sultan Ibrahim III
Muhammad ibn Ghazi. It is known
as 'dhigu laari '. It is a 3-inch-long
bit of money which was stamped and
doubled on behalf of the Sultan
in Arabic. The term Dhigu laari
or Larin has its name after Lar,
a place on the Persian Gulf where
it originated.
After this was the laari or Loa
laari Fothi or a “piece circular
'. The coins were first made of
money, but later, coins of lead
and copper have also been introduced
and distributed. The coins were
introduced as money by the Sultan
Ibrahim Iskandar and gold pieces
were put up by the Sultan Hassan
Nooraddin. The latter were known
as mohori and bay mohori. However,
these coins were never introduced.
Today the currency of Maldives
is the rufiyaa. There was introduced
in year 1981. Rufiyaa one is 100
laari. The Rufiyaa is available
in denominations of 2,5,10, 20,
50 or 100 and 500. The U.S. dollar
was the most widely accepted currency
in the country. The rate is 11.72
Exchange Rufiyaas for 1 U.S. dollar.
