Maldivian Rufiyaa (MVR)
19 hours agoThe Maldivian Rufiyaa (MVR) serves as the official currency of the Maldives, an island nation located in the Indian Ocean. The Rufiyaa was introduced in 1947, replacing the Ceylonese Rupee at par. The Maldives Monetary Authority is tasked with the issuance and management of the Maldivian Rufiyaa.
The Maldivian Rufiyaa functions under a managed floating exchange rate system, meaning its value in relation to other currencies can vary based on supply and demand in the foreign exchange market. The Maldives Monetary Authority intervenes in the market to regulate the exchange rate and ensure stability, especially concerning the currencies of major trading partners such as the US Dollar, the Euro, and those of neighboring countries.
The Maldivian Rufiyaa is divided into 100 smaller units known as laari. Coins are available in denominations of 1, 2, 5, 10, 25, and 50 laari, as well as 1 and 2 Rufiyaa. Banknotes can be found in denominations of 5, 10, 20, 50, 100, and 500 Rufiyaa.
The economy of the Maldives is heavily dependent on tourism, which constitutes a significant portion of its GDP and foreign exchange earnings. The country's stunning islands, pristine sandy beaches, and clear blue waters draw millions of tourists annually. Besides tourism, the Maldives also has a small yet vital fishing industry, primarily focused on tuna.
However, the Maldives faces several economic challenges, including a lack of diversification, susceptibility to climate change, and limited natural resources. The country is actively working to diversify its economy and invest in infrastructure to foster sustainable development and lessen its reliance on tourism.
In conclusion, the Maldivian Rufiyaa is the official currency of the Maldives, managed by the Maldives Monetary Authority. The currency operates under a managed floating exchange rate system and is divided into laari, with various denominations of coins and banknotes available. The Maldives’ economy is largely dependent on tourism, complemented by a small fishing industry. The nation is striving to diversify its economy, invest in infrastructure, and promote sustainable development to reduce its dependence on tourism.
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