President Dr. Mohamed Muizzu has disclosed the Maldives Monetary Authority (MMA) has decided to amend its rules and regulations to make it compulsory for foreign currency to be deposited to the banks of Maldives. He made the announcement during the latest rally organized by the main ruling People’s National Congress (PNC).
Noting that companies that earn its income in foreign currency are operated in the Maldives, President Muizzu highlighted that this money is being exchanged in the black-market. He assured that work is underway with MMA to amend its rules to bring a halt to the black-market exchanges. He added that the amendments will make it mandatory for companies that earn their income in foreign currencies to regulate their incomes via the national banks.
The President also stated that amendments will be made to assure that the US dollars generated in the country stays in the country’s banking system. As such, he disclosed that decisions have been made to amend the Foreign Direct Investment Act and the Business Profit Tax Act. He also noted that amendments will be made to the Income Tax Act, the Pension Act and the Import Duties Act, to make payments in foreign currency.
President Muizzu added that the amendments will make it so that currency exchange businesses will have to work with the banking system of the country. He stated that this will help maintain the flow of US dollars in the country. He went onto say that the implementation of these measures will take time and urged for the cooperation of the public and businesses to bring about the reforms. He assured that the black-market of dollars will be halted, and the dollar rates will be controlled within the banking system.