Circular CN/2022/2818: Charges and Fees for Sale of USD

بسم الله الرحمن الرحيم

[MALDIVES MONETARY AUTHORITY LOGO]

Circular no: CN/2022/2818

7th December 2022

To: All Banks

Dear Sir,

Charges and fees for sale of USD

Some banks are levying charges (such as handling charges) on USD sale transactions in violation of Section 24 (b) of the Maldives Monetary Authority Act, which prohibits the collection of a commission or other benefit from such foreign exchange transactions without the approval of the MMA. Please note that requiring higher charges for remittances from MVR accounts also amounts to a violation of the said provision.

While there may be costs involved in handling of cash, the exchange rate has been set taking this into account. In cases where the burden is considered excessive, such as in the exchange of small denomination USD notes, MMA has already allowed a charge to be levied.

Therefore, MMA hereby directs banks to immediately discontinue this practice and ensure that the relevant laws and regulations are complied with at all times.

Yours sincerely,

[Signature]

Ali Hashim, Governor

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Phone: +960 3314940 / +960 3339880 :فُون SWIFT: MMAUMVMV :سُويفت Maldives Monetary Authority Email: mail@mma.gov.mv :پِريل mma.gov.mv