Maldives Monetary Authority (MMA) announced a competition to design the first currency symbol for the Maldivian Rufiyaa in history, declining to hire an individual or design firm and generating public criticism for the decision on social media.

MMA announced the competition on Sunday, publicizing a very detailed list of requirements for those artists who wish to submit their work. The currency symbol that wins the competition will be chosen to denote the Maldivian currency in text, just as the dollar symbol ($) is used to represent the United States Dollar.

MMA also announced a winner’s prize of MVR 20,000 for the competition, referring to it as a historic opportunity to design the currency symbol to be used for Maldivian Rufiyaa. Local artists and members of the public were quick to express their disappointment for the decision, and described the designated prize money of MVR 20,000 as a "meager" offering that devalued the work of artists and reduced the prestige associated with Maldives' national currency.

Local artists expressed that it took exhaustive creative effort to make designs, and that crafting a currency symbol that could be used when denoting the Maldivian Rufiyaa in any language, which would likely remain applicable and in circulation for decades, was a very special and challenging project to undertake.

Many creatives called for MMA to call off the competition and hire an artist or design collective specifically for the task, instead of acquiring multiple designs from artists who would not be compensated through the competition.

Following MMA’s announcement, local artists recalled the trend of blatantly disregarding artists and their craft as a recurring one in the country. Fenaka Corporation, Maldives Marketing & Public Relations Corporation (MMPRC) and State Electric Company Limited (STELCO) have also previously announced logo and art "design competitions" in lieu of contracting local creatives for projects in such a way that they would be compensated fairly for their time and effort.

MMA has also previously held art and design competitions in relation to re-stylizing the Maldivian Rufiyaa. The "Ran Dhiha Faheh" currency note series currently in circulation was designed by artist Abdulla Nashaath for MMA in 2015, after the central bank announced a competition inviting submissions for potential note series designs to commemorate the golden Jubilee of Maldivian independence.

Nashaath's design was chosen by a special Advisory Committee comprised of literature, history and creative arts experts, from among a total of 200 participants and 6 shortlisted artists who presented final note concepts for the series.

The deadline for the submitting designs for the MMA Currency Symbol Designing Competition is 21 February 2021. Additional information on the specifications required for successful submission of designs can be found at [email protected]