Maldives Monetary Authority (MMA) has announced plans to develop a foreign currency exchange company, to enhance the monitoring and management of the currency exchange system.
Speaking at a programme aired on PSM News, Assistant Executive Director of MMA Aishath Asnaa revealed that permits had been granted to approximately 200 parties to engage in money exchange activities. She emphasised that the foreign exchange regulations have been revised to develop specific areas for these parties to operate. The new regulations stipulate that money exchange operations must be conducted through a special company designated to provide the services.
Additionally, MMA highlighted that all entities involved in money exchange must obtain a licence, with a requirement for applicants to maintain a deposit of USD 50,000.
Amendments were brought to the foreign exchange regulations, which were under implementation since 1987, aiming to enhance the management and operations of money exchange businesses through the adoption of modern policies. Under the revised regulations, licences will be issued to parties for the buying and selling of foreign currency in the first category, while the second category will permit only the sale of foreign currency. MMA stated that tourism facilities are not required to obtain a licence under the new regulations.
Moreover, MMA has urged all licensed parties involved in money exchange to register and reapply for their licences by the end of this month.