Regulatory Alerts2024-12-19
Circular CN/2024/9936: Publication of Buying and Selling Rates for Foreign Currencies other than US Dollar
The Maldives Monetary Authority mandates that all commercial banks publish daily buying and selling rates for twenty specified foreign currencies against the US Dollar in Rufiyaa starting December 22, 2024. Banks are required to display these rates at their premises and on their websites by 08:30 hours each working day, ensuring clear identification of cash versus non-cash transaction currencies. Failure to comply with these publication requirements may result in disciplinary action, as this circular supersedes the previous directive from 2005.
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