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.
Circular no: CN-CBSS/2011/03
12th April 2011
To: All Commercial Banks
Dear Sir,
Revision to the exchange rate of US Dollars
Pursuant to the article 13 of the MMA Act 6/81, the President of the Maldives, in consultation with the Board of Directors of the MMA, has decided to revise the exchange rate of Rufiyaa against United States Dollar, with effect from 11th April 2011 to be set within a band of fluctuation of 20% of Rf 12.85.
Upper limit of band: Rf 15.42 (i.e. Rf 12.85 + 20%) Lower limit of band: Rf 10.28 (i.e. Rf 12.85 – 20%)
Therefore, banks are instructed to conduct their transactions within the above band.
Yours sincerely,
[Signature]
Mariyam Najeela Senior Manager Credit and Bank Supervision Section