Up to MVR 1M fine for USD trading at inflated rates

2 days ago

The Parliament’s Public Accounts Committee, on Wednesday, has amended the Foreign Currency Exchange Bill to introduce fines of up to MVR 1 million for parties involved in black-market foreign currency transactions conducted at inflated rates. Provisions added to the amendment by ruling PNC’s Funadhoo MP Mohamed Mamdhooh Yoonus requires all foreign currency purchase and sale transactions to be conducted at rates,