Circular CN/2024/9936: Publication of Buying and Selling Rates for Foreign Currencies other than US Dollar

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: -

1. 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.

2. 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.

3. 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