Male, Oct 6: The Maldives Monetary Authority (MMA) is set to unveil a new currency series termed “Ran Dhiha Faheh” on November 1, the media reported on Tuesday. (Read: Seoul to offer $12 million towards global vaccine programme)

According to sources, the new currency series was introduced during the 50th anniversary of the Maldives independence which was commemorated in July 26, Xinhua news agency reported.

The MMA had previously planned to unveil the new series on October 5 but was postponed for unknown reasons. The authorities had earlier disclosed plans to release the notes into public circulation in December.

MMA Governor Azeema Adam had also declared that following the series’ unveiling, the current notes in use can be utilised until May 2016, with a period of five years allocated for the public to exchange their old notes for the new series. Adam added that the series is printed on polymer paper and are state-of-the-art, impossible to produce counterfeit notes.

The currency series will be circulated in Maldivian rufiyaa 10, 20, 50, 100, 500 and the brand new 1,000 notes. The series also introduced Maldivian rufiyaa 5 as coins instead of the current cash note. The printed notes arrived in the Maldives on September 17.