Regulatory Alerts2019-07-22
Circular CN-BSD/2019/8: Bank Holidays
The Maldives Monetary Authority issued Circular CN-BSD/2019/8 to update banking holiday regulations by superseding the 2003 directive. The circular permits banks to observe consecutive holidays exceeding five days, provided that on the sixth day they offer limited services that do not impede essential retail and corporate transactions. This adjustment acknowledges the shift toward digital banking alternatives and evolving customer demands for continuous access to domestic and international fund transfers.
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