Business Governance

New MVR 5 note to be released into circulation on Thurs

An MMA official holds up a cash note of the new polymer MVR 5.

An MMA official holds up a cash note of the new polymer MVR 5.

The Maldives central bank is to release the new polymer MVR 5 currency note into public circulation on Thursday.

An official of Maldives Monetary Authority (MMA) stated that the new cash note will be released in a small ceremony that will be held at MMA’s main office Thursday morning. The official added that enough cash notes have been printed and brought in to commence circulation.

The design of the new MVR 5 currency note is based on the concept of communication and society. The front side of the note depicts social relationships via cultural activities and football, the most popular sport of the Maldives. The illustration of the faceless footballer is from a famous photograph of local football legend Ali “Dhagandey” Ashfaq. The other side features a conch shell, which was traditionally used as a form of communication in olden times.

The new note is designed by Ali Nashaath, who is the mastermind behind “Ran Dhiha Faheh” (golden five decades), the Maldivian currency series that was released in January 2016 to mark fifty years of independence in the island nation. The MVR 5 note also features the special security features of the Ran Dhiha Faheh series, including an additional aspect with its value shown on the clear window in the note.

The Ran Dhiha Faheh currency series feature the notes MVR 10, 20, 50, 100, 500 and the brand new MVR 1,000 note. MMA had originally intended to replace the current MVR 5 cash note with coins but later altered the plan to print MVR 5 on polymer instead.

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Source URL: Mihaaru-News

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