President nullifies old MVR 5 banknotes starting 2018

President Abdulla Yameen Abdul Gayoom has decided to nullify the legal tender of MVR 5.

The President's decree passed today said that the notes issued prior to 10th May 2017, of values MVR 5, will become effective from Monday, 1 January 2018.

The Maldives Monetary Authority (MMA) will exchange the banknotes series which fall within those denominations, on submission to the Authority before 31 July 2021.

The circulation of the new polymer note for MVR 5 began on 10 August 2017.

New currency notes were initially introduced in 2015 as part of the commemorate the 50th Anniversary of the Maldives as "Ran Dhiha Faheh". The new polymer currency notes include MVR 1,000, MVR 500, MVR 100, MVR 50, MVR 20, MVR 10 and MVR 5.

At the initial introduction of the Ran Dhiha Faheh series, the MVR 5 was set to be issued as a coin. However, the MMA changed it to a polymer note.