The Maldives Monetary Authority (MMA) has imported a fresh supply of five-rufiyaa banknotes following a shortage of the denomination in circulation, with the new notes scheduled to enter the market on Thursday, October 15.
The central bank said the additional stock was brought into the country after the number of usable five-rufiyaa notes declined significantly, largely due to wear and damage caused by frequent handling.
According to the MMA, the shortage was further aggravated by a decline in the number of five-rufiyaa notes being returned to the central bank through commercial banks.
The denomination is widely used in everyday transactions, particularly by businesses and individuals making smaller cash payments, making a steady supply important for the smooth circulation of money.
The MMA explained that while five-rufiyaa notes are issued in substantial quantities, the rate at which they return to the banking system has not kept pace with demand.
As a result, fewer notes have been available for redistribution, contributing to the shortage experienced in the market.
The central bank said it continuously monitors the demand for physical currency and arranges additional supplies when necessary to maintain an adequate circulation of banknotes across the economy.
The newly imported five-rufiyaa notes represent the first fresh stock of the denomination brought into the Maldives since the introduction of the five-rufiyaa note in the Ran Dhihafaiy banknote series in 2017.
The Ran Dhihafaiy series, introduced as part of the modernisation of Maldivian currency, features polymer banknotes designed to offer greater durability and improved security compared with traditional paper currency.
Although polymer notes generally withstand regular handling better than paper notes, they can still become damaged or unfit for circulation over time, particularly when used frequently.
The five-rufiyaa denomination is among the smaller-value notes commonly exchanged during daily purchases, increasing the likelihood of wear through repeated use.
The MMA said the newly imported notes carry the printed date July 31, 2025, corresponding to 6 Safar 1447 in the Islamic calendar.
They also bear the signature of MMA Governor Ahmed Munawar.
One distinguishing feature of the new stock is the inclusion of the Maldivian rufiyaa currency symbol on the notes.
However, the central bank clarified that the introduction of the updated notes will not affect the validity of existing five-rufiyaa banknotes.
All five-rufiyaa notes currently in circulation will continue to be accepted as legal tender, meaning members of the public and businesses can use both versions for transactions.
The latest shipment follows similar measures taken by the MMA to address shortages involving other denominations.
In January 2025, the authority imported additional MVR 100 banknotes after a decline in the availability of the denomination.
A further stock of MVR 100 notes was brought into the country in February 2026, while new MVR 20 banknotes were also imported and released into circulation during the same month.
Those measures were undertaken to address reduced circulation levels and ensure sufficient cash remained available to meet public demand.
Although digital payments have become increasingly common in the Maldives, physical currency continues to play an important role in everyday transactions, particularly for smaller purchases and cash-based businesses.
Maintaining an adequate supply of lower-denomination notes is therefore essential for businesses that rely on cash payments and need smaller amounts for change.
With the new five-rufiyaa notes entering circulation on Thursday, the MMA expects the additional supply to help address the shortage and improve the availability of the denomination in the market.
