The central bank, Monetary Authority of Maldives (MMA) has invited public comments on the current Foreign Exchange General Regulation.
Under Article 24 of the Foreign Exchange Act, the MMA is responsible for formulating and implementing regulations. In line with this mandate, the MMA is working on formulating a general rule on foreign exchange.
The main purpose of the regulation is to determine foreign currency transactions and depositing and exchanging foreign currency earnings through local banks. The MMA will also investigate violations and take necessary actions, as well as determine policies and procedures for other related matters.
The MMA has asked the public to email their comments and feedback to MMA before 13:00 on Tuesday, 23 February.
The MMA's new Foreign Exchange Regulations replace regulations which were established in 1987. The primary purpose of the new regulations is to strengthen foreign exchange management and establish modern policies for currency exchange businesses.