President nullifies MVR 2, MVR 10, MVR 20, MVR 50, MVR 100, and MVR 500 banknotes issued prior to 5th October 2015

President Abdulla Yameen Abdul Gayoom has by decree, nullified the legal tender of Maldives issued prior to 5th October 2015, of values MVR 2, MVR 10, MVR 20, MVR 50, MVR 100, and MVR 500, effective from Monday 1st August 2016.

The Maldives Monetary Authority will exchange the banknotes series which fall within those denominations to those of the Ran Dhihafaheh series, on submission to the authority between 1st August 2016 and 31st July 2021.

Banknotes can also be changed at commercial banks for a duration soon to be determined by the MMA.