MMA destroys MVR 11.78M in outdated notes, coins

Two people exchange MVR 500 monetary notes from the 1983 series. (File Photo/Sun)

Central bank, Maldives Monetary Authority (MMA) reports it destroyed outdated monetary notes and coins worth MVR 11.78 million in 2018.

Previously used MVR 2 coins, MVR 10 notes, MVR 20 notes, MVR 50 notes, MVR 100 notes and MVR 500 notes were abolished with the introduction of the new polymer notes of the Ran Dhiha Faheh series currently in use in Maldives.

The annual report released by MMA last Tuesday shows the central bank destroyed the monetary notes of 1983 and the MVR 2 coins in 2018.

MMA notes that it destroys notes and coins which are deemed outdated or of insufficient quality due to wear and tear which circulate in the Maldivian economy on an annual basis.

The bank destroyed 466,068 notes worth MVR 9,862,195; and 960,000 coins worth MVR 1,920,000 in 2018.

MVR 2 coins previously used in Maldives. (File Photo/Sun/Yamin Saeed)

MMA had been gradually taking the previously used MVR 2 coins out of circulation since the new lightweight MVR 2 coins were introduced on July 12, 2017.

All the coins were sent to the Royal Mint of the UK in May, 2018, and destroyed by December 4, 2018, reports MMA.

Outdated notes are destroyed in the presence of officials from MMA and the Auditor General’s Office.