MMA Stops Issuing Foreign Exchange Permits Until Revision Of Regulations

The Maldives Monetary Authority has announced that the issuing of foreign currency exchange permits would be suspended until the regulations were revised.

Mohamed Nasih, a spokesperson for the MMA, told an online newspaper that the work of revising the regulations were underway, but had declined to mention further details.

On 15 October 2020, the MMA announced that issuing permits would be suspended as a large number; given the Maldivian economy; of foreign currency exchanges had already been granted permits.

Several businessmen have expressed their concerns that the black market foreign exchange trade had grown in the period that the MMA had suspended issuing new permits.