The Maldives Monetary Authority (MMA) has announced that it is in the process of drafting a general regulation on foreign exchange under the Foreign Currency Act.

This regulation aims to establish clear definitions for foreign exchange transactions, regulate the deposit and marketing of foreign currency income by businesses in banks, and outline enforcement measures against violations of the law. Additionally, it will set forth rules and procedures governing related matters.

In an effort to ensure transparency and inclusivity, MMA has invited public consultation on the draft regulation. Interested parties are encouraged to submit their feedback via email to [email protected] no later than 13:00 hours on Sunday, February 23, 2025.

The draft regulation will be made available for public access on MMA’s official website at https://www.mma.gov.mv/#/laws.