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LOCAL CURRENCY IN MALDIVES

Need to know waht is the local currency in Maldives? The money used in Maldives is called Rufiyaa.

The Maldivian Rufiyaa is issued and managed by the Maldives Monetary Authority. To find out the current currency exchange rates for Rufiyaa to other major currencies of the world, click on foreign currency rates.

Maldivian Currency Information
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The currency used in Maldives is called as the Rufiyaa. This currency is denoted with the currency sign Rf, MRf, MVR, .? or /- and the ISO 4217 Code for the Maldivian Rufiyaa is MVR. The Rufiyaa, is the official currency of the Maldives . It is divided into 100 smaller units called laari.

The constitution of Maldives provides that the Maldives government shall have the power to print the Maldivian Rufiyaa and laari coins to be used as a legal tender in Maldives. The Maldivian Rufiyaa bank notes and Laari coins are both designated as "legal tender" in payment of debts.

The Maldivian Rufiyaa bill uses the decimal system, consisting of 100 equal units.

The symbol Rf, MRf, MVR, .? or /-, usually written before the numerical amount, is used for the Maldivian Rufiyaa.

Currently printed bank notes denominations are Rf. 5, Rf. 10, Rf. 20, Rf. 50, Rf. 100, Rf. 500 and the coins are minted in the denominations of 1 laari, 5 laari, 10 laari, 25 laari, 50 laari , Rf 1, Rf 2 .

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The Effect of Balance of Trade and Investment on Maldivian Rufiyaa
Financial analysts regularly cite the balance of trade and investment in Maldives as the most important influence on the value of the Rufiyaa. The difference between what the Maldives exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Rufiyaa exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Rufiyaa exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the Maldivian Rufiyaa.
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