Malé, Maldives – The Maldives Monetary Authority (MMA) stated today that MVR 20 notes have been printed and brought to the country amid low stocks.
MMA stated that MVR 20 banknotes were printed and brought to the country yesterday due to low stocks.
The current Maldivian banknotes are the ‘Ran Dhiha Faheh’ series of MVR 5, 10, 20, 50, 100, 500 and 1,000, released in January 2016 to commemorate 50 years of independence.
With the onset of the Covid-19 pandemic, the Maldivian Parliament previously approved the suspension of Article 32 (a)(b)(e) of the Fiscal Responsibility Act allowing MVR 4.4 billion to be overdrawn from the MMA Public account.
The Parliament of Maldives in April 2021 approved extending the overdraft period for another year.
The Auditor General’s Office and MMA expressed concern over the extension, with the MMA stressing that it is crucial to have a plan for repayment of the overdraft.
The International Monetary Fund (IMF) has warned Maldives against printing money in order to maintain the rate of the Maldivian Rufiyaa at 15.4 to the US dollar and to raise funds from bonds while curtailing capital spending.