Regulatory Alerts2022-12-07
Circular CN/2022/2818: Charges and Fees for Sale of USD
The Maldives Monetary Authority issued Circular CN/2022/2818 to direct all banks to immediately discontinue levying unauthorized charges on USD sale transactions. This prohibition stems from Section 24 (b) of the Maldives Monetary Authority Act, which forbids collecting commissions or benefits from foreign exchange without regulatory approval. While the exchange rate accounts for standard handling costs, the Authority permits fees only in specific cases where the burden is excessive, such as exchanging small denomination USD notes.
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