The rufiyaa is divided into 100 laari. On 1 February 2009, the exchange rate with the US dollar was USD1.00 = MVR12.80. On 10 April 2011, the Government announced a limited float of the currency within a band of 20% from the previous exchange rate of 12.80. Due to short supply of US Dollars, the official rate quoted by all banks as on 10 May stands as follows: Buy Rate USD 1.00 = MVR 14.42; Sell Rate USD 1.00 = MVR 15.42.
Bank of Maldives is the national (and the leading) bank of the Maldives, established on November 11, 1982. The main business of the Bank is retail banking, in addition to handling development banking activities in all the atolls. Their services include Electronic banking, credit cards and Debit cards.
Presently the bank has seventeen branches. Twelve of these branches are located in different atolls of the country. Four out of seventeen are located in Malé. The remaining one is located in Malé International Airport.