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MMA reveals 98 parties applied for foreign currency exchange licence

Maldives Monetary Authority (MMA) has revealed that 98 parties have applied to obtain a licence to engage in foreign currency exchange activities, under the new Regulation on Foreign Currency.

MMA opened the application window for interested parties on October 2, with a submission deadline of November 30. During this period, the central bank disclosed that 98 parties applied for licences, with 79 requesting for Tier-1 licences. Of these, 44 are first-time applicants, while 35 are previous licence holders. Those granted Tier-1 licences will be authorised to purchase and sell foreign currency.

Additionally, 19 entities applied for Tier-2 licences, with 5 applying for the first time and 14 being previous licence holders. Presently, there are 212 licensed money exchange businesses, including 49 first-time applicants. A Tier-2 licence allows the sale of foreign currency exclusively to resorts.

The MMA further stated that businesses applying for licences under the new regulations may continue their operations until they are issued new licences and until further directives are issued by the authority.