MMA Governor Announces Enhanced Foreign Exchange Services at Velana International Airport

Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has announced significant enhancements to foreign currency exchange services at Velana International Airport’s new terminal, aimed at improving convenience for businesses and tourists.

Speaking during a PSM News programme, Governor Munawwar revealed that designated spaces will be allocated for all banks operating in the country to establish currency exchange counters. This initiative, currently under discussion with the banking sector, aligns with global practices to facilitate smoother currency transactions.

In addition to the terminal upgrades, MMA is drafting a new foreign exchange law, now open for public consultation. Ahead of its enactment, a regulation will take effect in January, requiring resorts and guesthouses to collect a fixed amount of foreign currency per tourist.

Governor Munawwar emphasized that these measures are part of a broader strategy to improve access to foreign exchange services and ensure transparency within the banking sector. “Our goal is to create a transparent system where banks are held accountable, making foreign exchange services more accessible to those who need them most,” he said.

Currently, currency exchange services are limited to a Bank of Maldives (BML) counter at the arrival exit and foreign currency counters for departing passengers. The new terminal will expand this offering, enabling more banks to serve international travelers.

These developments are expected to boost confidence in the Maldives’ financial ecosystem, enhancing the country’s appeal as a global tourism destination.