The central bank, MMA, stated today that a modern system capable of monitoring and reporting the activities of money exchangers has been inaugurated.

According to the institution's decision, starting from the first day of next month, all money exchange license holders must use the new system to record and report transactions.

At a time when the issue of dollars being sold at high rates even by entities authorized by MMA to conduct dollar transactions has escalated, MMA stated that the introduced "Money Changer System" is a platform designed to digitize the administrative and operational work of those businesses.

According to the institution, this will modernize the operations of entities licensed to conduct money exchange businesses.

"Through this system, administrative work will be automated, and transactions between MMA and license holders will become faster and easily conducted," read the document shared by MMA with the media.

Additionally, it stated that recording and reporting transactions related to foreign currency exchange will also be facilitated.

In addition to sharing information required to be regularly submitted to MMA through the system, arrangements have also been made to allow the submission of reports on currency exchange transactions.

MMA stated that the result of this will be enhanced ease in supervising and managing money exchange business operations, paving the way for further strengthening of the financial sector.

The "Money Changer System" was inaugurated by Deputy Governor Aishath Asna Hamdee.

As the issue of dollars being sold on the black market in the Maldives has escalated, MMA has also canceled the licenses of several money exchangers recently.