Cash circulation rises by nine percent: MMA statistics

The Maldives Monetary Authority's (MMA) statistics reveal a nine percent increase in cash circulation.

As per MMA's Payment Bulletin, the currency in circulation grew from MVR 3.7 billion to MVR 4 billion between 2022 and 2023. MMA noted a higher demand for lower denomination notes last year, with coin circulation also rising by 5.8 percent, from MVR 79.8 million to MVR 84.4 million.

MMA attributed this change to a shift back to cash transactions following the COVID-19 pandemic, despite the availability of cashless options.

ATM withdrawals also saw a notable increase last year, reaching MVR 9.2 million, compared to MVR 9.16 million in 2022.

Despite the rise in cash usage, the number of transactions via cheques declined by 19 percent. Last year, cheques were used for transactions totaling MVR 56 billion across 465,000 cheques, down from MVR 69 billion and 577,000 cheques the previous year.