The Maldives Monetary Authority (MMA) has amended the foreign exchange requirement deadlines under the Foreign Currency Act.
Previously, foreign currency earnings had to be exchanged to local currency through an MMA-registered bank by the 28th of the third month after the income was earned. With the recent amendment, they must be exchanged by the 28th of the following month. Therefore, the deadline to exchange foreign currency earned in September has changed from 28 December to 28 October.
The amended rules require relevant financial obligations relating to foreign currency exchange transactions to be reported to the authority. With recent changes to the Foreign Currency Act, tourist resorts must exchange 40 percent of monthly income earned in US dollars with banks established in the Maldives.
The central bank has been given authority to provide concessions in certain foreign exchange arrangements, in addition to the exemptions already specified in the law.