The Maldivian rufiyaa, explained
How the rufiyaa is pegged, where the parallel rate comes from, and the practical business of holding and changing money here.
The rufiyaa (MVR) has been the currency since 1947. Understanding two things about it — the peg and the parallel rate — explains most of what you will encounter.
The peg
The Maldives Monetary Authority operates a managed peg to the US dollar, with the official rate held in a narrow band around 15.42 MVR to 1 USD.
This is not a floating rate. Banks transact at the official rate, so the number you see quoted by BML is the number you get.
The parallel rate
Demand for dollars usually exceeds the official supply, because imports are dollar-denominated and almost everything here is imported. That gap creates an informal market where dollars change hands above the official rate.
For a visitor this rarely matters. For a resident it explains why a shop may quote a dollar price that does not match the official conversion, and why businesses sometimes prefer payment in dollars.
Notes and coins
Notes: 5, 10, 20, 50, 100, 500 rufiyaa. The current polymer series depicts Maldivian scenes and is genuinely well designed.
Coins: 1 and 2 rufiyaa, plus laari subdivisions you will rarely see.
Carry small notes. A MVR 500 is awkward in a café and worse on a ferry.
Where dollars are accepted
- Resorts: dollars throughout, usually priced in dollars
- Airport: both
- Malé and Hulhumalé: rufiyaa expected, dollars sometimes accepted at an unfavourable rate
- Local islands: rufiyaa
If a merchant offers to charge your card in your home currency, decline. Dynamic currency conversion is consistently worse than letting your own bank convert.
Changing money
Bank branches and licensed exchange counters in Malé give the official rate. The airport gives a slightly worse one but is open when you land.
ATMs dispense rufiyaa and are common in Malé, Hulhumalé and larger island centres. Your home bank's foreign withdrawal fee will apply.
Getting money out
There are controls on converting rufiyaa to foreign currency. If you earn here and need to send money abroad, do it through your bank with documentation of the income source — it is routine for salaried workers and awkward for anything undocumented.
Why prices are quoted in MVR here
This site states every figure in rufiyaa deliberately. A number quoted in dollars means you have to do the conversion, guess which rate applies, and hope the payout is not converted twice. A number in MVR is what actually lands in a BML account.