BML's online platform is designed to facilitate compliance with the new regulations, allowing businesses to manage their currency exchanges conveniently and effectively.
BML
The Bank of Maldives (BML) has announced the launch of a mandatory exchange service via its Internet Banking platform, targeting resorts, hotels, guesthouses, and other tourism-related businesses. This initiative aligns with the Foreign Currency Act (32/2024) and the Maldives Monetary Authority's (MMA) Foreign Currency Regulation (2024/R-91), aiming to streamline foreign currency transactions within the tourism sector. The key comprehensive features of the new services by BML include:
The Foreign Currency Act (32/2024), ratified on December 14, 2024, and effective from January 1, 2025, establishes clear guidelines for managing foreign currency transactions in the Maldives. It mandates that all domestic transactions be conducted in Maldivian Rufiyaa, prohibiting the use of foreign currencies except under specific circumstances defined by law. Additionally, businesses operating in the tourism sector or those exceeding an annual foreign currency transaction threshold of USD 15 million are required to register with the MMA and transfer a set of foreign currency sales proceeds to a local bank.
BML's online platform is designed to facilitate compliance with these regulations, allowing businesses to manage their currency exchanges conveniently and effectively. By providing comprehensive activity reports and a standardized exchange rate, the platform aims to enhance financial transparency and operational efficiency within the tourism sector.
