FX Bill ratified; 40% rule in force

1 month ago

President Dr. Mohamed Muizzu on Monday ratified the Foreign Exchange Bill, which prohibits the publication of foreign-currency rates above the Maldives Monetary Authority (MMA) reference price and mandates resorts to convert 40 percent of their dollar income through the banking system. The bill was ratified at a ceremony held at the President’s Office this afternoon. The bill, submitted by PNC MP Abdul