Maldives Updates Workhorse Note

The Maldives Monetary Authority has issued a new version of the 5 rufiyaa (MVR) banknote featuring the currency’s new symbol. The release follows new versions of the MVR 10 note in April, and the MVR 20 and 100 notes in February.

Other than the new symbol, the design of the notes remains unchanged and they will co-circulate alongside the older version, which remains valid.

This is the first time new MVR 5 banknotes have been released since the issue of the current all-polymer series in 2017. It is the workhorse of the series as the most commonly used of all the denominations, and the timing of the release was due to a severe shortage caused by both the condition of the notes in circulation and their low rate of return.