Licenses of 163 money exchangers revoked

Maldives Monetary Authority has said that as by the deadline, they had received 93 applications for money exchange licenses under the new regulations, the previously granted 163 licenses have now been revoked.

Prior to the new regulations coming into effect, money exchange licenses had been granted to 212 companies. However, only 49 out of the current service providers applied for licenses within the two month window granted after the new regulations were set in place.