Regulation on Foreign Currency

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 On 1 October 2024, the Regulation on Foreign Currency was published by the Maldives Monetary Authority (MMA) and came into immediate effect, repealing the long-standing Monetary Regulation in operation since 1987. 

The Regulation introduces significant new rules over incomes received in foreign currency and overarching new controls over foreign currency transactions. Further, the Regulation also includes provisions that empower the MMA to closely monitor income received in foreign currencies. 

This Client Advisory explains the new rules and compliance requirements introduced under the Regulation.

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