Maldives Monetary Authority (MMA) has unveiled MVR 5 denomination in the "Ran Dhiha Faheh" bank notes series.
This is the last denomination to be released under the "Ran Dhiha Faheh" series. The new polymer MVR 5 was unveiled at the Children's Day special ceremony held this morning at Iskandharu School by Education Minister Dr. Aishath Shiham.
Addressing the students during the ceremony, the governor of MMA Azeema Adam highlighted on the history of Maldivian currency notes introduced in the country. She said that Maldivian currency was first modernized by Iskandharu Mahaaradun, who was the inspiration behind the Iskandharu School’s name.
She noted that MMA has always thrived to enhance the outlook and security features of the Maldivian currency.
The MVR 5 polymer notes launched today is the last notes in the ‘Ran Dhiha Faheh’ series. The series has 7 different denominations, including 10, 20, 50, 100, 500, and new 1000 Rufiyaa. The new series have high security features.
img:http://s1.psmnews.mv/images/660x400/14943870925050.jpg|Education Minister launching the new 5 rufiyaa note - Photo: PSM
The “Ran Dhiha Faheh” note series also incorporates tactile dots to assist visually impaired individuals.
The central bank says the new banknotes include enhanced security features and cannot be counterfeited. It said the use of polymer substrate in the new banknote series ensures that the notes last twice as longer than paper notes, cost less to produce, does not absorb moisture, do not get dirty and that the material can be recycled.
MMA says the new MVR 5 denomination notes will be released into circulation in July. The "Ran Dhiha Faheh" series encapsulates all the innate factors that define the Maldives and its ancestral identity, according to MMA.
"Ran Dhiha Faheh" translates to Golden Five Decades, and the series was designed to mark the country's golden jubilee of independence last year. It is the third series of banknotes to be introduced in the country, replacing the previous series after 33 years.
The first banknotes were released in the country in 1947, which consisted of denominations of 1, 2, 5, 10, and 20. The 50 and 100 rufiyaa notes of this series were launched in 1951.