Maldives Monetary Authority (MMA) has amended the Currency Exchange Regulation to allow funds to be deposited between businesses even if they do not operate physical exchange counters. The change is aimed at providing greater operational flexibility while maintaining strict regulatory oversight within the foreign exchange sector.

Under the revised regulation, two categories of businesses may operate under the Tier 1 Currency Exchange Licence. Category A permits the buying and selling of foreign currency for individuals, businesses and other entities, while Category B restricts such transactions exclusively to business-to-business exchanges.

The amendment also introduces updated fees and procedural requirements. Businesses seeking authorisation to sell foreign currency at an additional location or over the counter must pay a non-refundable fee of MVR 40,000, regardless of the outcome of the application. Renewal of the licence requires a payment of MVR 20,000.

Tier 1 licence holders are required to pay an annual fee of MVR 48,000 to the MMA, with an additional MVR 24,000 payable for each extra licensed premise. Any change in the address of an existing exchange location must receive prior approval from the Authority.

For Category A businesses, all cash transactions in foreign currency amounting to MVR 50,000 or more must be conducted through bank accounts to ensure transparency and compliance with financial regulations.

According to the MMA, the amendment seeks to streamline the operation of currency exchange businesses in the Maldives while strengthening accountability and improving regulatory efficiency across the sector.