The Edition


Maldives to launch new MVR 5 currency note in May

Fathmath Shaahunaz
24 April 2017, MVT 18:03
Stacks of the new Ran Dhiha Faheh currency notes pictured at a MMA counter. MIHAARU PHOTO/MOHAMED SHARUHAAN
Fathmath Shaahunaz
24 April 2017, MVT 18:03

The Maldives’ central bank on Monday announced that the new polymer MVR 5 cash note will launched on May 10.

According to an official of Maldives Monetary Authority (MMA), the new MVR 5 cash note will be the same size as the other notes of "Ran Dhiha Faheh" (golden five decades), the Maldivian currency series that was released in January 2016 to mark fifty years of independence in the island nation.

The official added that the MVR 5 cash note is designed by Abdulla Nashaath, the mastermind behind the Ran Dhihah Faheh series, and it features the same concept.

The Ran Dhiha Faheh currency series feature the notes MVR 10, 20, 50, 100, 500 and the brand new MVR 1,000 note. MMA had originally intended to replace the current MVR 5 cash note with coins but later altered the plan to print MVR 5 on polymer instead.

Meanwhile, MMA also plans to release a new MVR 2 coin, which they stated will be lighter than the current coin.