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.
بسم الله الرحمن الرحيم MALDIVES MONETARY AUTHORITY
Circular Number: CN/2024/9936
19th December 2024
To: All Banks,
Dear Sir/Madam,
Subject: Publication of Buying and Selling Rates for Foreign Currencies other than US Dollar
From 22nd December 2024 all commercial banks shall publish their buying and selling rates for currencies listed below in item 2. The rates should be made available at the bank’s premises and on the bank’s websites. More specifically banks should: -
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Publish their buying and selling rates in Rufiyaa based on the cross rates of these currencies against the US Dollar. Rates quoted for customers will be quoted as per the bank’s discretion, however the rates shall align with the prevailing market rates.
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Make available the rates in Rufiyaa for Australian Dollar, Canadian Dollar, Danish Krone, Euro, Hong Kong Dollar, Japanese Yen, Norwegian Krone, Singapore Dollar, Saudi Riyal, Great Britain Pound, Swiss Franc, Swedish Krona, Sri Lankan Rupee, Indian Rupee, Thai Baht, Malaysian Ringgit, Indonesian Rupiah, UAE Dirham, Chinese Yuan and in addition the US Dollar buying and selling rates. Although all these 20 currency rates are quoted, banks should clearly identify the currencies for which cash and non-cash transactions are made.
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Publish and display these rates by 0830hrs every working day at the banking premises and websites and should make these readily available by telephone and email upon request. Even if there is no change, the rates should be made available, displayed and published daily.
Phone: +960 3314940 / +960 3339880 Email: mail@mma.gov.mv SWIFT: MMAUMVMV Maldives Monetary Authority mma.gov.mv
The Maldives Monetary Authority will monitor the publication of the rates. Banks, which fail to comply with the above rules for publishing the rates, may be subject to disciplinary action and all banks are urged to pay particular attention to compliance.
This circular supersedes circular number: CN-FES/2005/14 dated 21st September 2005.
Yours Sincerely,
(Signature)
Ahmed Imad Deputy Governor
Phone: +960 3314940 / +960 3339880 Email: mail@mma.gov.mv SWIFT: MMAUMVMV Maldives Monetary Authority mma.gov.mv