Will enforce foreign currency exchange via banks: President

President Dr. Mohamed Muizzu on Monday declared the government will take steps to ensure those receiving payments internationally will be forced to exchange it via commercial banks exclusively.

President Muizzu made the declaration while speaking at the People’s National Congress (PNC) assembly on Monday evening.

At the assembly, President Muizzu assured amendments to the Maldives Monetary Authority's (MMA) monetary and money changes regulations to ensure this.

"What happens with this change is that several businesses that generate income in foreign currencies, will be forced to exchange it through banks instead of relying on black market exchanges," Muizzu said.

He also declared his administration will amend the Foreign Direct Investment and Business Profit Tax (BPT) regulations to encourage maintaining benefits of foreign investments in local banks.

"This would encourage US dollar retention in the Maldives for extended periods, which would benefit the economy," Muizzu added.

President Muizzu further said these reforms will ensure currency exchangers will be directly associated with the banks which would monitor them regularly.