Maldives Monetary Authority (MMA) said MVR 4.7 billion worth of banknotes were in circulation last year, while 938،033 notes were destroyed.

According to the central bank, 938,033 notes were destroyed after being deemed unfit for circulation, with an estimated value of around MVR 70 million.

According to figures released by MMA, the circulation of notes rose by 12 percent last year compared with 2024. In addition to currency, circulation of coins also increased by 4 percent, equivalent to about MVR 93 million.

MMA said most notes in circulation are high denominations, with MVR 500 notes accounting for 73 percent, followed by MVR 1,000 notes at 15 percent and MVR 100 notes at 8 percent. Lower denominations including MVR 50, MVR 20, MVR 10 and MVR 5, make up the remainder.

The current “Ran Dhihafaheh” (Golden Fifty) polymer note series was introduced in 2016, replacing older paper notes with more durable currency.

Last year, the central bank also issued a new series of MVR 100 banknotes and MVR 1 coins to replace worn and damaged currency.

Overall, the money supply in the economy grew by 21 percent over the year, reaching approximately MVR 72 billion.