MMA hits the atolls to facilitate exchange of old currency notes with new

Officials from Maldivian central bank – Maldives Monetary Authority (MMA) have started travelling to the atolls to facilitate exchange of old Maldivian currency notes for the new ones.

MMa released a press statement on Thursday noting that the old currency notes can no longer be used for business transactions starting from August 1.

MMA said that the old currency notes were being used in some islands, most significantly islands in H. A. Atoll, H. Dh. Atoll, Sh. Atoll. N. Atoll, and R. Atoll.

The central bank announced that officials from the authority will be travelling to islands in the atolls that do not have a branch of Bank of Maldives from July 21 – 29 to facilitate the exchange of currency notes.

MMA information officer, Mansoor Zubair spoke to “Sun” on Wednesday and said that there were still MVR 790 million in old currency notes still in circulation, but that 91 percent of the old currency notes had been recovered.

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