No relaxation on currency exchange regulations, will be drafted into a law: Governor

Central Bank, Maldives Monetary Authority (MMA) Governor Ahmed Munawar said today that there will be no relaxation of the regulation which requires resorts and guesthouses to exchange dollars through local banks. He said that efforts are currently underway to formalize the existing regulation into law.

MMA had opened a public comment period on the "Foreign Currency Bill" last night, sparking rumors that the dollar amounts required to be exchanged under the regulation might have been relaxed.

However, Munawar said that no changes have been made, except for the drafting of a law to provide legal authority for the current regulation.

During a press conference on the bill, a presentation detailed the categories and deposit requirements. Category A includes resorts, hotels, and tourist vessels, which must deposit USD 500 per guest every month in a local bank and Category B consists of guesthouses, which must deposit USD 25 per guest each month.

These figures are consistent with the existing regulation.