Regulatory Alerts2025-06-19
Circular CN/2025/11666: Facilitation of Indian Rupee (INR) Account Openings by Banks
The Maldives Monetary Authority issued Circular CN/2025/11666 to encourage all banks to actively facilitate the opening and maintenance of Indian Rupee (INR) accounts for customers. This directive supports a collaborative framework with the Reserve Bank of India to establish local currency settlement mechanisms for cross-border transactions, including trade, investments, and remittances. The initiative aims to reduce dependency on third-country currencies while enhancing the efficiency, stability, and resilience of the cross-border payment infrastructure.
بسم الله الرحمن الرحيم
MALDIVES MONETARY AUTHORITY
Circular no: CN/2025/11666
19th June 2025
To: All Banks
Dear Sir / Madam,
Facilitation of Indian Rupee (INR) Account Openings by Banks
The MMA is currently collaborating with the Reserve Bank of India to establish a framework that will enable the use of local currencies, i.e. INR and MVR for the settlement of cross-border transactions including bilateral trade, direct investments, portfolio investments, and remittances.
The initiative aims to promote the use of local currencies in international payments, reduce dependency on third-country currencies, and enhance the overall efficiency, stability, and resilience of the cross-border payment infrastructure.
In order to support the effective operationalization of local currency settlement mechanism, the MMA hereby encourages all banks to actively facilitate the opening and maintenance of INR currency accounts for their customers.
Yours sincerely,
[Signature]
Mohamed Muaz Managing Director, Financial Stability
Phone: +960 3314940 / +960 3339880 :فُون SWIFT: MMAUMVMV :سويفت
Email: mail@mma.gov.mv :ایمیل
Maldives Monetary Authority
mma.gov.mv