Maldives Monetary Authority (MMA) issued a new high-value commemorative five rufiyaa note printed on polymer substrate.
MMA unveiled the 5 rufiyaa denomination in the "Ran Dhiha Faheh" bank notes series on May 10. The new denomination also have high security features just like the other notes of the series. "Ran Dhiha Faheh" translates to Golden Five Decades, and the series was designed to mark the Maldivian golden jubilee of independence in 2015.
Speaking at the ceremony held at MMA to officially issue the five rufiyaa note to the public, Manager of the Currency Section, Aminath Shaheeda said special activities will be organized to make the note easily accessible for the public. Shaheeda added that as this note is targeted for school children, activities of exchanging note will be conducted at schools as well. She further stated that old five rufiyaa notes can be used by the public till the end of December 31 and exchanging of notes will be carried out till July 2021.
The series has 7 different denominations, including 10, 20, 50, 100, 500, and the new 1000 Rufiyaa with incorporated tactile dots to assist visually impaired individuals. The new banknotes include enhanced security features and cannot be counterfeited.
The use of polymer substrate in the new banknote series ensures that the notes last twice as longer than paper notes, cost less to produce, does not absorb moisture, do not get dirty and the material can be recycled, according to the Maldivian central bank.
It is the third series of banknotes to be introduced in Maldives, replacing the previous series after 33 years. The first banknotes were released in 1947, which consisted of denominations of 1, 2, 5, 10, and 20 and in 1951, the 50 and 100 rufiyaa notes of the series were added.