MMA seeks public feedback on foreign exchange regulations
The Foreign Exchange Act requires foreign currency earners to exchange a specified amount in US dollars.
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The Maldives Monetary Authority (MMA) has invited public comments on the draft General Foreign Exchange Regulations, formulated under the Foreign Exchange Act.
The Foreign Exchange Act, which came into effect in January, mandates the development of regulations to govern foreign currency transactions. The MMA released the draft regulations on Wednesday and opened them for public feedback.
The proposed regulations aim to:
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Define foreign currency transactions.
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Establish requirements for businesses to deposit foreign currency income in banks and outline enforcement measures against non-compliance.
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Set rules and procedures for other related matters.
The MMA has requested stakeholders to submit their comments on the draft regulations by 1 pm on Tuesday. Submissions can be made via email to [email protected].
The Foreign Exchange Act requires foreign currency earners to exchange a specified amount in US dollars. The legislation was introduced to regulate foreign currency transactions, including the import, export, holding, and deposit of foreign currency in the Maldives.
