The Maldives Monetary Authority (MMA) has invited public comments on the draft General Foreign Exchange Regulations, which have been formulated under the Foreign Exchange Act that came into effect in January. The draft regulations were published on Wednesday, and stakeholders have until 1 pm on Tuesday to submit their feedback.
The proposed regulations define foreign currency transactions and set requirements for businesses to deposit foreign currency income in banks. They also outline enforcement measures for non-compliance and establish rules and procedures for other related matters.
The Foreign Exchange Act was introduced to regulate foreign currency transactions, covering areas such as the import, export, holding, and deposit of foreign currency in the Maldives. It also mandates that businesses earning foreign currency exchange a specified amount in US dollars.
Stakeholders interested in providing feedback can submit their comments via email to foreignexchange@mma.gov.mvbefore the deadline.
