Maldives’ central bank, the Monetary Authority of Maldives (MMA) has issued licenses to 34 new entities under the new Foreign Exchange Act.
The MMA opened the license application process under the Money Changing Business Regulations on 2 October last year.
The MMA said it has issued licenses to 34 new entities under the Foreign Exchange Act during this period which includes 29 Tier 1 licenses and five Tier 2 licenses.
The Tier 1 Money Changing License is issued to companies established for buying and selling foreign currency under the Companies Act, while the Tier 2 License is issued to companies licensed to operate tourist resorts under Maldives Tourism Act.
The new 34 licenses add to the 28 entities with existing foreign exchange licenses taking the total tally up to 62 thus far.
As part of the MMA’s efforts to strengthen the legal framework of the
foreign exchange market and maintain stability in the financial sector, the new
"Regulation on Money Changing Business" replacing the old "Regulations Outlining Arrangements for Money Changers" which had been in effect since 1987.