New Maldives banknotes introduced into circulation

New Maldives banknotes introduced into circulation
January 26 14:21 2016

The ‘Ran Dhihafaheh’ (Golden 50) new banknotes designed on the occasion of the Maldives’ golden jubilee of independence last year have been introduced into circulation across the country today.

The new series of the Maldivian Rufiyaa was launched by President Abdulla Yameen this morning. The Ran Dhihafaheh currency series – designed by local artist Abdulla Nashath and unveiled in November – replaces old notes introduced in 1983.

According to the Maldives Monetary Authority, the new banknotes are now available from banks and ATMs. The old series can be used as legal tender until March 31. The central bank expects to replace the old series within five years.

Following the launching ceremony at the president’s office, Dr Azeema Adam, the central bank’s governor, became the first to use the new banknote for a purchase when she bought a papaya at the local market.

The new notes were designed in the denominations of 10, 20, 50, 100, 500, and the newly introduced 1,000. Each note has a different colour scheme and conceptual theme.

The MVR5 note will be discontinued and introduced as coins later this year.

The 1983 Rufiyaa series was designed by Ahmed Abbas and Maizan Hassan Manik. The old MVR500 notes were introduced in 1990 and MVR2 banknotes were changed into coins in 1995.

The new note series were printed on polymer by De La Rue, one of the world’s largest commercial banknote printers and passport manufacturers. The UK-based company has been printing Maldivian banknotes since 1947.

According to the central bank, the redesign was prompted by the need to tighten security features in order to prevent counterfeiting. The new banknotes also has tactile dots as a special feature for the visually impaired.

Nearly 200 Maldivians had submitted proposals in a competition to select the new banknote design. Nashath’s submission was chosen by an advisory committee after three rounds of judging.

The winning design “represents the Maldives, and the identity of Maldivians” and “attempts to encapsulate all the innate factors that define our country, and our ancestral identity,” the central bank said.