The Maldives Monetary Authority (MMA) has amended two regulations formulated under the Foreign Currency Act and published them in the government gazette today.

The two amended regulations are the Registration Regulation under the Foreign Currency Act and the General Regulation on Foreign Currency.

According to the amended Registration Regulation, any business — excluding those operating in the tourism sector and financial institutions — that earns USD 25 million or more within a calendar year through the sale of goods or provision of services will be required to register with the MMA.

The General Regulation on Foreign Currency outlines the circumstances under which transactions may be carried out in foreign currency, as well as the procedures for obtaining the Authority’s approval for such transactions. It also stipulates that businesses must submit their budgeted foreign currency expenditures to the MMA at least 30 days before the start of each year. In addition, the regulation clarifies the process for requesting a review of the amount required to be exchanged, as well as procedures for seeking relief from obligations related to depositing and exchanging foreign currency.

The MMA stated that both amended regulations will come into effect starting today.