MMA suspends issuance of money exchange licenses

The Central Bank of the Maldives, Maldives Monetary Authority (MMA) has temporarily suspended issuing money exchange licenses.

MMA stated a large number of licenses have been issued thus far in comparison to the population of the Maldives and hence, it will not be issuing money exchange licenses effective from October 15. MMA further stated it is currently reviewing regulations on money exchange service providers.

The decision of MMA has come at a time foreign currency income has decreased due to the COVID-19 pandemic. MMA has also increased the amounts of foreign currency issued to banks to reduce the demand for foreign currency in the Maldives.