The Maldives Monetary Authority (MMA) has announced plans to establish a dedicated foreign currency exchange company to improve oversight and streamline the currency exchange system.

In a program aired on PSM News, MMA’s Assistant Executive Director, Aishath Asnaa, stated that around 200 entities currently hold permits for money exchange, and recent regulatory updates now designate specific areas for their operations. According to the revised guidelines, all money exchange activities must be conducted through a licensed company, requiring applicants to hold a USD 50,000 deposit.

The updated regulations, originally in place since 1987, aim to modernize the currency exchange system, with two categories of licenses: one allowing both buying and selling of foreign currency, and the other permitting only sales. MMA clarified that tourism facilities are exempt from these licensing requirements and has called on all licensed money exchange entities to reapply by the end of the month.