Maldives scraps plan for new MVR5 coin

Maldives central bank has scrapped plans for a new MVR5 coin to introduce a new note instead.

Maldives had introduced a new currency series 'Ran Dhiha Faheh' in December to mark the 50th anniversary of the Maldives independence.

The currency series was introduced to be circulated in MVR10, 20, 50, 100, 500 and the brand new 1,000 notes.

The series also planned for MVR5 as coins instead of the current cash note.

However, governor Dr Azeema Adam told reporters on Saturday that a MVR5 coin would be difficult to the public which prompted the change in the original plan.

According to statistics, currently only 9 percent (MVR 261 million) of the old cash notes are still in circulation by the end of July.

MVR 2.9 billion had been in circulation on January 25 when the new Ran Dhiha Faheh currency series had been released.