July 31 is last date for paper banknote transactions, says MMA

The Central Bank said Sunday (July 31, 2016) is the last date paper banknotes, expect the MVR5 note, could be used in transactions.

However, Maldives Monetary Authority (MMA) said banks will continue till December 31 to exchange paper notes for the new Ran Dhihafaheh banknotes, over the counter and through deposits.

MMA said a total of MVR2,901 million in paper banknotes was in circulation, but by July 25 the bank has exchanged over MVR2,654 million in old paper notes.

This accounts to 91.5% of old paper notes, of which MVR247 million are still in circulation.

The President declared all banknotes issued prior to October 5, 2015, as not the legal tender of the Maldives, expect the MVR5 note.