Regulatory Alerts2024-10-01
Maldives Monetary Authority Regulation on Foreign Currency
The Maldives Monetary Authority issued Regulation No. 91R2024/2024, effective October 1, 2024, to implement the Foreign Exchange Rate System and regulate foreign currency transactions. The regulation mandates that all domestic transactions be conducted in Maldivian Rufiyaa, with specific exceptions for international trade, banking services, and tourism-related activities. It imposes strict requirements on tourism establishments to register with the Authority, deposit foreign currency earnings into designated bank accounts, and sell a portion of these earnings to banks at fixed rates.
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