The Edition


Maldives launches new MVR 2 coin

Fathmath Shaahunaz
12 July 2017, MVT 12:53
A man holds up the new, lighter MVR 2 coin. PHOTO: HUSSAIN WAHEED/MIHAARU
Fathmath Shaahunaz
12 July 2017, MVT 12:53

The Maldives’ central bank launched the new MVR 2 coin early Wednesday.

With a new design and lower weight than the old MVR 2, the coin was launched by Maldives Monetary Authority (MMA)’s Governor Dr Azeema Adam at a small ceremony held at MMA. She then took part in its first transaction.

The new MVR 2 coin, which was designed by MMA, is made of nickel brass outside and plated steel inside. Featuring a conch as the symbol, the new coin weighs 6.20 grams. The old MVR 2 coin weighs 11 grams.

According to MMA’s spokesperson Mansoor Zubair, the new coin will be in circulation from Wednesday itself. He added that people may also use the old MVR 2 coin indefinitely.

“But any [old MVR 2 coins] that MMA receives will not be returned to circulation.”

MMA also introduced a new MVR 5 polymer note on May 10, which features designs depicting communications and social unity. However, it has not been released to circulation yet.

The central bank launched the new Maldivian currency series “Ran Dhiha Faheh” last year to mark the 50th Independence Day of the Maldives. The series include MVR 10, 20, 50, 100, 500 and the brand new MVR 1,000.