BML begins issuing new currency notes at all branches

Bank of Maldives (BML) has begun the circulation of the new currency notes at all of their branches.

At a special ceremony held at the Head Office of BML, the new notes where introduced by the CEO of the Bank, Andrew Healy.

As the circulation of the new currency notes begins today, Maldives Monetary Authority (MMA) said that the ATMs of the banks would also be dispensing the new notes.

MMA began the circulation of the new MVR currency notes of 20, 50, 100, 500 and 1000. All of which has been completely changed visually from the notes currently in use.

The new currently notes have increased security on the notes as well.

With all the notes having a clear window and a hidden watermark of the face value of the note, a watermark of MMA is placed above the clear window as a masked letter. The new notes come with an iridescent pattern and textile dots along with spark inked face value on the notes of 100, 500 and 1000.

Features detected on the note via UV light:

• Glowing serial number on the top right of the face of the note.

• Face design of the note glowing in two colours.

• Face value glowing in a box on the face of the note.

• The face value from top to bottom on the right on the back of the note glowing.

While the new notes have begun circulations, the old notes can also be used until the end of May 2016. After which the old notes would no longer be valid. MMA said that the old notes can be changed from the banks for the next five years.