Region

Jurisdiction

Regulator

2019-07-22

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.

Maldives

Maldives Monetary Authority

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY MALDIVES

ދިވެހިރާއްޖޭގެ ޤައުމީ ބޭންކް އެމް.އެމް.އޭ

Circular No.: CN-BSD/2019/8

22nd July 2019

To: All banks

Dear Sirs,

Bank Holidays

Current policy in accordance with the circular no. CB-CBSS/2003/30, dated 30th November 2003, is to limit the number of banking holidays to no more than 5 days at a stretch. Today banking services has changed, where some of the banks offer digital banking alternatives mainly to their retail customers, hence customer demands through physical presence at the bank branches have changed over time.

In line with the above mentioned circular, banks are required to limit bank holidays to maximum of 5 days at a stretch. However, on the bank opening day, i.e. the 6th day during a longer public holiday period, banks may opt for limited services, provided that it will not impede the general services that customers demand during these periods including those services to both retail and corporate customers, such as the domestic and international fund transfers.

This circular supersedes circular no: CB-CBSS/2003/30 dated 20th November 2003.

Yours faithfully,

(Signature)

Adham Hussain Assistant Governor