Regulatory Alerts2024-12-14
Foreign Currency Act
The Parliament of the Maldives enacted the Foreign Currency Act (Law No. 32/2024) to regulate foreign currency transactions, mandate the deposit of foreign earnings into bank accounts, and enforce the partial conversion of foreign income into Maldivian Rufiyaa. The legislation establishes the Central Bank of the Maldives as the Authority responsible for overseeing compliance, collecting data from tourism and financial sectors, and imposing penalties for violations. It specifically targets tourism establishments and businesses earning significant foreign revenue, requiring them to sell a percentage of their foreign currency earnings to local banks within strict monthly deadlines.
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