Author Topic: Maldives to Introduce MVR 1000 Banknote in 2015  (Read 497 times)

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Offline Bimat

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Maldives to Introduce MVR 1000 Banknote in 2015
« on: March 10, 2015, 03:46:42 PM »
MMA to replace MVR 5 banknotes with coins, introduce MVR 1,000 banknotes

March 9, 2015

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.

Source: Sun
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