MMA said that processing the applications takes time as they need to ensure that each application meets the criteria. However, they assured that the process will be completed soon.
Maldives Monetary Authority (MMA) said that 98 applicants have applied for licenses to exchange dollars, but none have been issued so far.
MMA said that processing the applications takes time as they need to ensure that each application meets the criteria. However, they assured that the process will be completed soon.
Out of the 98 applicants, 50 had previously applied for a money exchanger license.
MMA also revealed that it had revoked 163 licenses that were previously issued to entities for failing to re-apply under the new Money Changing Business Regulations. At the time, MMA had licensed 212 entities for money changing.
MMA has now opened the floor for public comment on the General Regulations on Foreign Exchange. These regulations aim to set the procedures for depositing and selling foreign currency income to banks, as well as investigating and taking action against violators.
Prospective money exchangers can apply for a license under two tiers.
Tier 1 allows for the buying and selling of foreign currency. The application fee for Tier 1 is MVR 20,000, with an annual license fee of MVR 24,000. The maximum cash transaction per customer per day is MVR 50,000 or the equivalent in foreign currency.
Tier 2 is for foreign exchange trading, including companies licensed to operate tourist resorts under the Tourism Act. The application fee for Tier 2 is USD 1,300, with an annual license fee of USD 1,800. Tier 2 entities must conduct foreign exchange transactions through a bank or with a Tier 1 entity and must place a security deposit of USD 50,000.
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