Bank of Maldives has today announced the implementation of the mandatory exchange service through its Internet Banking platform for resorts, hotels, guesthouses, and other tourism-related businesses, in compliance with the Foreign Currency Act (32/2024) and MMA Foreign Currency Regulation (2024/R-91).
The Bank said businesses can view a comprehensive activity report that enables them to track and review all mandatory transactions conducted through BML.
It also said that USD will be exchanged at the Bank's selling rate of MVR 15.42.
This online platform aims to streamline mandatory exchanges for the tourism sector, enhancing businesses to manage their currency exchanges conveniently and effectively while ensuring compliance with regulatory requirements.
