91 percent of old notes recovered, leaving MVR 790 mn

Maldivian central bank – Maldives Monetary Authority (MMA) announced on Wednesday that the authority has recovered 91 percent of the old currency notes in circulation, and that the value of old currency notes MMA has not yet recovered amounted to MVR 790 million.

MMA information officer, Mansoor Zubair spoke to “Sun” and said that there were MVR 3.39 billion in old currency notes in circulation when the new “Ran Dhiha Faveh” notes were released.

Mansoor said that the authority had now recovered MVR 2.6 billion in old currency notes, which is 91 percent of the total – leaving MVR 790.

Mansoor said that it would be impossible to recover 100 percent of the notes in such a case as the amount would include noted that are damaged, and notes that are saved up by people.

He said that people would have the opportunity to exchange old currency notes for new ones from all commercial banks in Maldives until end of this year, while MMA will provide the service for the next 5 years.

Meanwhile, MMA has announced that none of the old currency notes except for the MVR 5 note would be accepted for business transactions starting August.

“Ran Dhiha Faheh” notes were released on November 1, 2015.