Old notes to become obsolete at the end of the month

Maldives Monetary Authority (MMA) has said that the old currency notes will become obsolete at the end of this July.

Media Official of MMA told Sun Media today that the old currency notes aside from the 5 Ruffiya Note would not be accepted after 31 July.

He said that the old 5 Ruffiya Note will be in use along with the new currency notes until MMA makes a decision.

MMA said that a large portion of the old notes have now been acquired. They said that 59 percent of the old notes in the economy have been acquired.

At the end of July all ATMs and Banks would also stop accepting the old notes. The new “Randhiha Faheh” currency note series was introduced on 1 November 2015.