Maldives Monetary Authority (MMA) has decided to mandate all local financial transactions to be made in Maldivian Rufiyaa.
Speaking at the Parliamentary Committee on Public Accounts, MMA Governor Ali Hashim said the central bank is undertaking several efforts to control inflation and prevent black market hikes in the price of US dollars. In this regard, the governor revealed important measures will be implemented with the establishment of the new national payment system, such as mandating all local transactions to be made in local currency. As such he noted all local transfers would have to be made in Maldivian Rufiyaa, while all card transactions would also have to be made in local currency if the recipient account is a local account.
The governor further noted the establishment of the payment system would also ease the monitoring of transactions. However, he added MMA will be implementing such measures gradually in order to reduce the impact on the economy. He called for the cooperation and support of all relevant authorities and institutions in implementing these measures.