The Maldives Monetary Authority has reminded businesses subject to mandatory foreign currency conversion rules that they must fulfil their legal obligations on time.
The authority stated that the names of entities that miss the prescribed deadline will be made public. The reminder comes against a backdrop of persistent pressure on the foreign exchange market, with black-market rates remaining elevated.
Mandatory conversion requirements were introduced as one measure to increase the supply of dollars available through the banking system. Compliance has varied, and the MMA has previously taken steps to enforce the rules.
Businesses and the public continue to report difficulties obtaining sufficient foreign currency at official rates for imports and other payments. The central bank’s latest statement underscores ongoing efforts to improve adherence to the existing framework.
