MMA Issues 34 New Foreign Exchange Licences, Total Rises to 62

The Monetary Authority of Maldives (MMA) has issued licences to 34 new entities under the Foreign Exchange Act, bringing the total number of licensed money changers in the country to 62.

The new licences were granted following the opening of applications under the Money Changing Business Regulations on 2 October last year. Of the newly issued licences, 29 are Tier 1 licences, granted to companies established for buying and selling foreign currency under the Companies Act. The remaining five are Tier 2 licences, issued to companies licensed to operate tourist resorts under the Maldives Tourism Act.

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These new approvals add to the 28 entities that already hold foreign exchange licences. The updated regulatory framework replaces the “Regulations Outlining Arrangements for Money Changers”, which had been in place since 1987. 

The changes are part of the MMA’s ongoing efforts to strengthen the legal framework of the foreign exchange market and enhance stability in the financial sector.