Banknote co-circulation period extended

The co-circulation period of the old banknotes with the new ones has been pushed back to July.

Maldives Monetary Authority (MMA) has previously decided that with the introduction of the new “Ran Dhihafaheh” banknotes, the old notes would be valid until the end of May.

A statement from MMA today said that the validity periof of the old banknotes were pushed back in order for the public to get the new notes.

The statement said that a large portion of the old banknotes have now been received to the MMA.

MMA said that MVR 2.2 billion worth of old banknotes were taken in at the end of April which is 77 percent of money that is being rolled in the economy. MVR 2.5 billion worth of new banknotes were released by the MMA, which is 79 percent.

The new “Ran Dhihafaheh” banknote series was released on 1 August 2015.