Regulatory Alerts2025-06-19
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Circular CN/2025/11666: Facilitation of Indian Rupee (INR) Account Openings by Banks
The Maldives Monetary Authority issued Circular CN/2025/11666 to encourage all banks to actively facilitate the opening and maintenance of Indian Rupee (INR) accounts for customers. This directive supports a collaborative framework with the Reserve Bank of India to establish local currency settlement mechanisms for cross-border transactions, including trade, investments, and remittances. The initiative aims to reduce dependency on third-country currencies while enhancing the efficiency, stability, and resilience of the cross-border payment infrastructure.
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