The Maldives Monetary Authority (MMA) has gazetted amendments to two key regulations under the Foreign Exchange Act, introducing registration and reporting requirements for major businesses operating in the Maldives.
The amendments, which take effect today, cover the Regulation on Registration under the Foreign Exchange Act and the General Foreign Exchange Regulation.
Under the revised registration rules, businesses providing goods or services with an annual turnover exceeding USD 25 million must register with the MMA. Financial institutions and businesses operating in the tourism sector are excluded from this particular requirement.
The General Foreign Exchange Regulation sets out the conditions governing foreign exchange transactions and establishes procedures for obtaining MMA approval where required.
Businesses covered by the regulation must also submit their projected foreign currency expenditure to the MMA at least 30 days before the beginning of each year.
The regulation further establishes procedures for businesses seeking a review of mandatory foreign currency exchange amounts. It also sets out how businesses can apply for exemptions or relief from applicable foreign currency deposit and exchange requirements.
The latest regulations form part of the implementation framework for the Foreign Exchange Act, which governs foreign currency transactions and exchange obligations in the Maldives.
