Regulatory Alerts2011-04-12
Circular CN-CBSS/2011/03: Revision to the Exchange Rate of US Dollars
The Maldives Monetary Authority issued Circular CN-CBSS/2011/03 to instruct all commercial banks on a revised exchange rate band for the Rufiyaa against the US Dollar. Effective from 11th April 2011, the rate is set within a 20% fluctuation band of Rf 12.85, establishing an upper limit of Rf 15.42 and a lower limit of Rf 10.28. Banks are mandated to conduct all transactions strictly within these specified limits.
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