Introduced in 1981 the Maldivian Rufiyaa (MVR) is the currency of Maldives whose official abbreviation is MVR. One rufiyaa constitutes of 100 laaris.

Rufiyaa currency notes are available in denominations of 5, 10, 20, 50, 100 and 500. Coins come in denominations of 1, 2, 5, 10, 25, 50 laari and Rf 1 and 2.

The exchange rate of MVR fluctuates from time to time. However the standard is considered as 1 USD = 0.08 MVR.1 INR is equivalent to 0.3 MVR.

Foreign currencies like the Euro and Pound are accepted with the US Dollar being the primary one. All major credit and debit cards like MasterCard, Visa, American Express and Euro Card are accepted. Traveller’s cheques are also accepted.

Foreign exchange services are provided at the airport and by most hotels, resorts, banks and shops. Banks like the State Bank of India, HSBC, Bank of Maldives and Bank of Ceylon are reliable and have branches in Malé in BoduthakurufaanuMagu. All these banks have ATMs that accept international cards.

The Maldives Monetary Authority, the nation’s first central bank converts all major currencies into the MVR. Banking hours are from 8.00 am – 12.00 noon and 1.30 pm – 5.30 pm, Monday to Friday. Local banks near ChandaneeMagu change traveller’s cheques for a small fee.

Though all major credit and debit cards are widely accepted it is best to carry the local currency for dealings with local shops and small businesses.