MMA to replace MVR 5 banknotes with coins, introduce MVR 1,000 banknotes

Maldives Monetary Authority (MMA) has announced plans to cease the use of MVR 5 banknotes, and introduce brand new MVR 1,000 banknotes.

At a press conference today, MMA Governor Dr Azeema Adam said that MVR 5 banknotes will be replaced by MVR 5 coins.

She said that a study has identified the need to include MVR 1,000 banknotes in the upcoming series, as transactions involving high denominations have increased.

The study also showed that MVR 5 is now mostly used as change, said Dr Azeema.

The new MVR 1,000 banknote will be introduced in October 2015, and the MVR 5 coin in 2016.