The Maldives Monetary Authority (MMA) has announced that it will be launching a new family of 7 banknotes on Safeguard. The first denomination – a commemorative new high value 5,000 Rufiyaa – will be launched at the end of July. The other circulating denominations – 10, 20, 50, 100, 500 and new 1,000 Rufiyaa – will follow from October 2015 onwards
The Maldives Monetary Authority has selected Safeguard for the first entirely new series of banknotes to be issued in Maldives for over 30 years. The MMA held a design competition to select a local artist to work alongside De La Rue’s banknote designers in the realisation of these new notes. Abdullah Nashaath was the winning artist, selected from a large number of high standard entries and his involvement will ensure that the new family, called Randhihafaheh, has an authentically Maldivian look.
The first denomination to be launched will be a commemorative 5,000 Rufiyaa at the end of July followed by the circulating denominations of 10, 20, 50, 100, 500 and 1,000 from October onwards. The existing 5 Rufiyaa will be converted to coin and the 1,000 Rufiyaa is a new high value at the top of the denominational scale.
Commenting on the announcement, Governor Dr Azeema Adam said ‘We are very excited to be introducing these modern polymer banknotes and we are sure that the people of the Maldives will be pleased with their new notes. We are grateful for all De La Rue’s expertise and assistance as we undertake this important project”.
The choice of Safeguard as the substrate throughout the entire new family represents a first for De La Rue. “We are so pleased that the Maldives Monetary Authority has entrusted us with their new banknote series and are very much enjoying working closely with them towards the launch of these beautiful notes” said Ruth Euling, Sales Director of De La Rue.
Safeguard® is a registered trademark of De La Rue International Limited
Clare Lloyd Williams
Marketing Communications Manager, Currency
Tel: +44 (0) 1256 605000
About De La Rue plc:
De La Rue is a leading commercial banknote printer, security paper maker and provider of security products and software solutions and, as a trusted partner of governments, central banks and commercial organisations around the world, is at the forefront of the battle against the counterfeiter.
As the world's largest commercial banknote printer, De La Rue provides customers with a fully integrated range of sophisticated products and services which are available either individually or as a whole. This includes a leading design capability, production of innovative security components, manufacture of security paper and polymer substrates and sophisticated printing of banknotes, all contributing to trust in the integrity of currencies.
De La Rue is the world's largest commercial passport manufacturer in an environment of increasing global concern over security at national boundaries and border control. De La Rue also produces a wide range of other security products, including tax stamps for governments who are seeking to combat illicit trade and collect excise duties. Other products include authentication labels, assuring purchasers of product validity, and government identity documents. In addition the Group manufactures high speed cash sorting and banknote inspection equipment.
The company also provides a range of specialist services and software solutions including government identity schemes, product authentication systems and cash management processing solutions.
De La Rue is listed on the London Stock Exchange (LON:DLAR).
About Maldives Monetary Authority:
The Maldives Monetary Authority (MMA) was established on 1st July 1981, and is endowed with the regular powers and obligations of a central bank under the mandate provided by the MMA Act (1981). To this effect, the MMA issues currency, regulates the availability of the Maldivian rufiyaa and promotes its stability, licenses, supervises and regulates institutions in the financial sector, formulates and implements monetary policy, and advises the Government on issues relating to the economy and financial system in order to foster an environment conducive to the orderly and balanced economic development of the Maldives.