President Abdulla Yameen Abdul Gayoom (L) launches “Ran Dhihafaheh” note series for circulation - FILE Photo: PSM News
President Abdulla Yameen Abdul Gayoom on Thursday, nullified the legal tender of Maldives issued prior to 5th October 2015, of values MVR 2, MVR 10, MVR 20, MVR 50, MVR 100, and MVR 500, effective from August 1, 2016.
The Maldives Monetary Authority (MMA) will exchange the banknote series which fall within those denominations to those of the new note series Ran Dhihafaheh, on submission to the authority between August 1, 2016, to 31st July 2021.
Banknotes can also be changed at commercial banks for a duration soon to be determined by MMA.
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