Framed Silvers
December 23/2018

Despite the social and economic crisis in Zimbabwe, the hyperinflation leads to a rather simple yet meaningful loss to the country. It was when the government had to let go of their currency, the Zimbabwean dollar. Inflation (overall rise in prices of goods and services) is good and bad in its sense, however, it lets go of lower currencies. If in a case the US suffered hyperinflation, they might have to let go of their USD1 George Washington bill. Likewise, the Maldives economical growth is letting go of some of our currencies.

Maldivian Rufiyaa renewed its dollar bills to create a water-proof and unique design to commemorate the 50th Anniversary of Maldivian Independence. These bills include artwork by Mr Abdulla Nashaath after winning the Randhihafaheh Competition hosted by the Maldives Monetary Authority. However, the introduction of these notes expired the 1983 series notes that were used for three decades. The unique detailed line art is now a rare item amongst Maldivians considering almost all notes were exchanged for the new between 2015 and 2018.

After the introduction of GST, the use of Laari (1 Maldivian Rufiyaa = 100 Laari) coins peaked. Maldivian Laari have two sets, the golden 50 Laari and 25 Laari, plus the silver 10 Laari, 5 Laari and 1 Laari. The golden set is still used during cash exchange today as well, however, it is almost never that the silver set is used, putting these coins on the front row for expiration. Shaped like a flower, the uniquely shaped coins introduced in the 1960s left its unique shape in 2012 to the circular shape. Even though these coins are still in circulation, it is no doubt that these coins will fall short of use in the upcoming years.

There was a time in which 1kg of rice could be bought for the tiny silver coin of 5 Laari (MVR 0.05) while it costs MVR 8.00 today. Nobody wants to let go of these tiny coins, however, there is no value in these coins anymore. Considering even the lowest costing sweet costs 50 Laari and not below that, unfortunately.