Two ton shipment of new five rufiya notes “routine”, says MMA
19 Sep 2011, 5:22 PM
A shipment of newly-printed five rufiya notes brought in last week is part of a “routine” process and not intended to finance either the fiscal deficit or government expenditure, the Maldives Monetary Authority (MMA) has said.
According to a press statement issued by the MMA yesterday, the stock of five rufiya notes was running low and the new notes would be stored at the state treasury.
“This is routine work, every now and then we print different notes when the stock runs low,” explained MMA Executive Director Abdul Hameed Mohamed. “We print notes as often as is necessary. We are surrounded by water, fishermen handle it, it gets lost and sometimes we have to replace these old notes.”
Abdul Hameed stressed that the new notes would have “no effect on circulation” as it will be stored in the treasury and that there would be “no increase in the money supply.”
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