A new stock of MVR 20 banknotes has been brought into Maldives following reports of low circulation of the denomination.

Maldives Monetary Authority (MMA) said a new batch of MVR 20 notes was printed and brought to Maldives today, though it did not disclose the quantity.

When stocks of specific denominations run low, banknotes are printed abroad and imported.

Recently, several sources said banks and businesses had struggled to obtain MVR 20 notes amid increased ATM withdrawals and cash transactions ahead of Ramadan. Businesses noted that the scarcity of small notes was disrupting day to day cash transactions.

According to the MMA’s 2024 annual report, the total value of currency in circulation stands at MVR 4.14bn. Demand for individual denominations depends on public spending patterns and how financial institutions distribute cash. Smaller notes such as MVR 20, MVR 10 and MVR 5 tend to wear out more quickly as they change hands more frequently than higher-value notes.

Official statistics show that after the MVR 100 note, the MVR 50, MVR 20 and MVR 10 denominations are among the most frequently reprinted in the Maldives.

Earlier this month, the MMA printed a new stock of MVR 100 notes. The authority has routinely imported newly printed currency, including an additional batch of MVR 100 notes brought in last year.