Maldives Monetary Authority

Recalled MVR 2.2 bln old notes: MMA

  • - MVR 2.5 billion new notes circulated in economy
  • - Old notes can be exchanged for five years
  • - 79% cash in circulation are new notes

Central Bank, MMA says they have recalled old Rufiyaa notes worth MVR 2.2 billion so far.

The bank said that by the end of of last month, MMA had recalled old Rufiyaa notes worth MVR 2.2 billion, amounting to 77 percent of the cash that was circulating in the economy. By the end of April new Randhiha Fahei notes worth MVR 2.5 billion had been in circulation. This amounts to 79 percent of the cash circulating in the economy.

After May, transactions using the old Rufiyaa notes, will not be carried out. However, starting from June 1st, old notes will be exchanged for new notes for a period of five years.

The Randhiha Fahei note series, released to mark the Golden Jubilee of national independence, is a colorful edition, in denominations of MVR 10, 20, 50, 100, 500 and 1000. Under the new series, the MVR 5 note will be replaced by a coin. MMA has said that the old MVR 5 note will be used until the release of the coin later this year.