Counterfeit MVR500 notes in circulation

The central bank Maldives Monetary Authority (MMA) has warned of the circulation of counterfeit currency notes.

Mariyam Hussein Didi, assistant governor of MMA, told reporters on Monday that some 20 counterfeit MVR500 notes had reached the bank so far.

The fake notes are “easily distinguishable” by their lighter colors and security threads made of cellophane, she said.

The MMA is scheduled to unveil new currency notes on November 1.

The “Ran dhiha faheh” or Golden 50 notes were commissioned to mark the Maldives’ Golden Jubilee of independence. The Maldives gained independence from the British in 1965.

Marc Fila, the general manager of De La Rue, a company contracted to print the new currency bills, said that it would be impossible to counterfeit the new notes due to added and enhanced security features

Speaking to reporters at the Regional Currency Conference underway at the Paradise Island Resort, Fila said that the new notes would be printed on a high quality polymer.

Randhiha Faheh note series will be printed in denominations of MVR 10, 20, 50, 100, 500 and 1000. Each denomination is assigned with a specific colour. The MVR5 note will become a coin.

Some 29 representatives from ten central banks in the region are attending the conference. Security features of current notes were discussed today.