MMA: No intention to criminalize foreign exchange trading
11 ނޮވެމްބަރު 2026 | ބުދަ 10:53MMA has launched a specialized portal to strengthen the supervision of foreign currency exchangers, mandating that all transaction details be submitted through the platform starting next month. This regulatory measure has already streamlined the sector, reducing the number of authorized money changers to 51, and is described by the central bank as a critical step toward monitoring foreign exchange market activities and enhancing the integrity of the financial system.
Deputy Governor of the Maldives Monetary Authority (MMA), Aishath Asna Hamdi. | Raajje MV
The Maldives Monetary Authority (MMA) does not intend to criminalize foreign exchange trading, but rather aims to regulate the industry through robust frameworks, stated Deputy Governor Aishath Asna Hamdi.
Asna made these remarks while speaking at the Parliament's Budget Review Committee.
Speaking at the committee meeting, the Deputy Governor stated that extensive efforts are underway to strengthen the supervision of foreign currency exchange businesses. She noted that while there were previously over 200 money changers, that number has now been reduced to 51. She highlighted this as a result of significant measures taken to enhance regulatory oversight.
Asna stated that a specialized portal has now been established to address the issue of the Maldives Monetary Authority (MMA) not receiving adequate information regarding foreign exchange transactions.
She stated that the portal, which was launched on November 5, will facilitate the seamless auditing of transactions conducted by money changers and streamline necessary oversight processes.
Furthermore, it has now been mandated that all money changers must submit their data through the Maldives Monetary Authority (MMA) portal effective December 1. According to the central bank, this requirement is part of ongoing measures to monitor foreign exchange market transactions and strengthen the country's financial system.
According to the Maldives Monetary Authority (MMA), these changes will grant the authority the capability to monitor foreign exchange transactions in real-time. The MMA further highlighted that this is a significant step toward curbing illegal transactions and obtaining the accurate data necessary for informed economic decision-making.
