Following the announcement of the competition on social media, questions were raised by members of the public about whether banknotes were being deliberately destroyed and whether tearing or damaging currency was legally permitted.
MMA
The Maldives Monetary Authority (MMA) recently announced two creative competitions inviting participants to design souvenirs made from shredded or crushed banknotes and to produce artwork using damaged currency notes as the primary material.
Following the announcement on social media, questions were raised by members of the public about whether banknotes were being deliberately destroyed and whether tearing or damaging currency was legally permitted.
The answer is clear: intentionally tearing, shredding, crushing, or otherwise damaging usable banknotes is prohibited and considered an offence.
So how are the notes for this competition obtained?
According to the MMA, the banknotes used for these competitions are not new or usable notes. Instead, they are severely damaged and expired notes that have already been removed from circulation through the Authority’s standard currency replacement process.
Every year, the MMA receives a large number of damaged notes from the public, businesses, and banks. Over the past two years alone, more than one million damaged notes have been processed. In 2025, the MMA’s annual report recorded 938,033 damaged notes withdrawn from circulation.
These notes are typically no longer fit for public use due to severe wear and tear, including discoloration, fading, tearing, burning, excessive wrinkling, or damage from prolonged handling and storage. Many are in such poor condition that ATMs can no longer process them.
Once damaged notes are exchanged, they are sent through the MMA’s note quality checking machines, where they are assessed and officially classified as unfit for circulation.
Only these discarded notes are being used for the souvenir and artwork competitions—not newly issued or usable currency.
To participate, interested individuals must first register and submit their design proposals or concepts. Selected participants will then be shortlisted and provided with the damaged notes needed to create prototypes and final artwork.
Both the souvenir design and artwork categories will award cash prizes to first, second, and third-place winners.
The registration deadline for the competition has now been extended until 31 May.
