MMA revokes Express Money Exchange license over regulatory violations
21 އޯގަސްޓު 2026 | ހުކުރު 09:13The Maldives Monetary Authority (MMA) has revoked the license of Express Money Exchange Private Limited for violating foreign exchange regulations. While the central bank urged all parties to conduct currency transactions in compliance with the law, the government is also working to criminalize the advertisement of dollar exchange rates that exceed the officially mandated limits.
Maldives Monetary Authority (MMA). | RaajjeMV
The Maldives Monetary Authority (MMA) has revoked the foreign exchange license of Express Money Exchange Private Limited for violating regulations governing money changing businesses.
In a press release issued Thursday night, the Maldives Monetary Authority (MMA) announced the revocation of Express Money Exchange’s license, effective August 20, 2024. The central bank stated that this action was taken after regulatory oversight of money exchange businesses revealed that the company had committed violations of established regulations.
Furthermore, the Maldives Monetary Authority (MMA) has urged all parties to conduct foreign exchange transactions in compliance with established laws and regulations. The MMA also stated that, in collaboration with law enforcement agencies, it will continue to take legal action against those who violate these regulations.
As the Maldives Monetary Authority (MMA) implements these measures, the US dollar rate on the black market has reached MVR 22.85. Local businesses report that obtaining foreign currency has become increasingly difficult. Economic experts warn that the dollar's value is expected to continue its upward trajectory, with projections suggesting it could rise to MVR 25 within this year.
However, business owners claim the government is attempting to deceive the public by insisting that dollars are available at the official rate of 15.42. They further allege that such measures are being taken as a form of intimidation. These sources also noted that as the dollar shortage worsens and pressure on the administration mounts, efforts are being made to prevent any reporting that suggests the actual market rate of the dollar differs from the official rate of 15.42.
The Parliament’s Public Accounts Committee on August 19, 2024, approved amendments to the Foreign Exchange Bill, criminalizing the advertisement or promotion of currency exchange rates outside the official limits set by the Maldives Monetary Authority (MMA). Under the new provisions, using digital platforms or any other means to publicly disseminate or encourage transactions at unauthorized rates will be a punishable offense, with offenders facing fines of up to half a million Rufiyaa.
