Follows MLD FIU, MLD CB Oct. 2024 introduced two new regulations, see #228411.
Bill
It shall be prohibited to deal in any currency other than MVR, for transactions related to goods and prices, work fees and charges, and payment and receipt of rent.
Tourism businesses earning foreign currency, and non-tourism businesses earning more than USD 20mn per year, must deposit their earnings in Maldivian banks.
Banks are permitted to exchange no more than 25% of the income from these entities.
60% of foreign currency entering banking system must be sold to MLD CB each week.
Consultation End
Comments on the bill should be submitted by Dec. 1, 2024.
Nov. 27, 2024 MLD GVT Press Release
On Nov. 27, 2024, MLD GVT said banks will be monitored to ensure transparency in dollar distribution, following reports of difficulty obtaining dollars for legitimate uses.
The dollar ceiling for transactions is set to gradually increase by 2026, reaching up to $1k per transaction, with additional monitoring measures in place to ensure fairness.
Dec. 14, 2024 MLD GVT on Bill's Passage
On Dec. 14, 2024, MLD GVT said Foreign exchange bill was approved by the President.
Bill prohibits any monetary arrangement or transaction in Maldives from being made, offered or paid in foreign currency other than MVR, except in certain circumstances.
The act shall come into force on Jan. 1, 2025.
Dec. 18, 2024 MLD GVT Gazetted Act
On Dec. 18, 2024, MLD GVT gazetted the Foreign exchange act, in force Jan. 1, 2025.
Regulators
MLD CB; MLD GVT
Entity Types
Bank; MSB
Reference
Act 32/2024, OG 32/2024, 12/18/2024; PR 2024-1134, OG 12/14/2024; PR 2024-1068, 11/27/2024; PR IL/2024/9462, Bill 11/26/2024
