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Attorney General Ahmed Usham has expressed confidence that recent changes to foreign currency regulations will bring positive changes to the dollar situation within the coming weeks.
Mariyam Adheela
AG Usham speaking to reporters at the President’s Office today. Photo: President’s Office
Male’: Attorney General Ahmed Usham has said the recent amendments to the Foreign Currency Act are expected to improve the availability of US dollars in the Maldives within the next few weeks.
The amendments came into effect on September 1. Under the new rules, resorts operating in the Maldives must deposit 40 percent of their monthly foreign currency earnings with a local bank.
Speaking to reporters at the President’s Office today, Usham said the impact of the new measures should become visible within the next month. He said resorts will have to start making the required 40 percent deposits from October 1.
The Attorney General also highlighted another change under the amended law. Selling US dollars at a rate different from the rate set by the Maldives Monetary Authority is now prohibited.
Usham said businesses conducting dollar exchange without a license or without registration with the MMA will be treated as operating in violation of the law. He said action will be taken against parties involved in such activities.
He urged all parties involved in foreign currency transactions to follow the Foreign Currency Act, the MMA Act and relevant banking laws, stressing the importance of conducting such transactions within the legal framework.
