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The Maldives Monetary Authority has revoked the foreign exchange license of Express Money Exchange Private Limited for violating money exchange regulations, amid ongoing government efforts to curb black market dollar trading.
News Desk
A money exchange business located in Male' -- Photo: Edition Maldives
MALÉ: The Maldives Monetary Authority (MMA) has revoked the money exchange license of Express Money Exchange Private Limited after discovering regulatory violations during routine supervisory checks.
The central bank announced the enforcement action in an official statement released on Thursday, August 20, 2026.
The revocation comes as state authorities work to implement stricter legislative measures to control rising exchange rates and curb illegal transactions in the foreign currency black market.
While the MMA confirmed that the company had violated the Money Exchanging Business Regulation, it did not disclose the specific nature of the violations committed by Express Money Exchange Private Limited.
In its statement, the central bank urged all businesses and individuals engaging in foreign currency transactions to strictly comply with established laws and regulations. The MMA also assured that it will continue taking legal action against any party operating in violation of foreign exchange rules.
