BML introduces platform for tourism sector foreign exchange transactions

Bank of Maldives (BML) has launched a dedicated online platform which offers convenience for tourism sector actors in conducting the mandatory foreign currency exchanges as required under the Foreign Currency Act.

The Act, which was ratified in December last year, stipulates that resorts, guesthouses and other businesses must exchange a determined amount of their foreign currency revenue at a local bank.

The platform offers businesses the option of viewing comprehensive activity reports which would allow them to track and review all mandatory transactions conducted via the bank.

BML also said that USD will be exchanged at the Bank's selling rate of MVR 15.42