On February 17, 2026, the Maldives Monetary Authority (MMA) issued two new, revised banknotes. Both are dated 31 July 2025 and carry the signature of Ahmed Munawar, the current Governor of the MMA:
- The 20-rufiyaa note is the same as its polymer predecessors, except for the new date, new signature, the size of the denomination number on the front, upper left corner, and the addition of the new rufiyaa currency symbol on both the obverse and reverse.
- The 100-rufiyaa note is the same as its immediate predecessor, except for the new date and new signature.
New stock was needed due to low circulation of the denominations, specifically the 20-rufiyaa note. Banks and businesses had struggled to obtain MVR 20 notes amid increased ATM withdrawals and cash transactions ahead of Ramadan. Businesses noted that the scarcity of small notes was disrupting day-to-day cash transactions.
Demand for individual denominations depends on public spending patterns and how financial institutions distribute cash. Smaller notes such as MVR 20, MVR 10 and MVR 5 tend to wear out more quickly as they change hands more frequently than higher-value notes. Official statistics show that after the MVR 100 note, the MVR 50, MVR 20 and MVR 10 denominations are among the most frequently reprinted in the Maldives.
Donald Ludwig, February 20, 2026
