MMA shred MVR 22 mil worth worn-out money

The Maldives Monetary Authority (MMA) has reported it shredded MVR 22.9 million worth worn-out money in 2023.

According to the Maldives central bank, it shredded a total of 391,957 bank notes worth MVR 22,911,960 last year.

The highest number of old notes destroyed last year in terms of denomination was the MVR 20 bank note. As such, 39.9 percent of the shredded notes were of the MVR 20 denomination, with the second highest being the MVR 50 denomination.

The destroyed bank notes included 19 percent in the MVR 100 denomination and 13.5 percent in the MVR 10 denomination.

The central bank regularly destroys old and worn-out bank notes that are not fit for use and replaces them with newer mints.