New banknote for MVR 5 to be introduced next month

Maldives Monetary Authority (MMA) has said that they would be introducing the new polymer banknote to replace the current national currency note for 5 in May 2017.

Spokesperson of the MMA, Mansoor Zubair said that the new banknote is set to be introduced on 10 May.

The note for MVR 5 was designed by the same artist who designed the new “Ran Dhiha Faheh” (Golden fifty) currency notes, Abdulla Nashath.

Mansoor Zubair said that even though the new note for MVR 5 is introduced next month, it is unclear when it would become available although it will not take a long time.

MMA was initially set to introduce a MVR 5 coin instead of the banknote but the idea was scrapped after numerous requests from the public.

The new currency series was introduced on 1 November 2015 as part of the celebrations of fifty years of national independence. The series contained the notes for 10, 20, 50, 100, 500 and 1000.

MMA has also decided to replace the current 2 coin with a coin made from a lighter material. Spokesperson Zubair said that the work on it is progressing at a fast pace and the new coin will be introduced soon as well.