Bank of Maldives (BML) has introduced an online platform for tourism industry businesses to easily exchange foreign currency. In a statement released by BML, they said this new service has been introduced in accordance with the Foreign Currency Act (32/2024) and the Maldives Monetary Authority (MMA)’s Currency Regulation (2024/R-91).
Through this new platform, resorts, hotels, guesthouses, and other tourism-related businesses will have the opportunity to exchange foreign currency via internet banking. BML stated that the main objective of this service is to facilitate the mandatory foreign currency exchange requirements for tourism industry businesses. According to BML, through this new platform, businesses will be able to easily track and review all mandatory exchange transactions required by law and regulations. Details of these transactions will be available in the activity report.
BML has informed that through this platform, the bank will buy dollars (exchange dollars to the bank) at a rate of 15.42 rufiyaa. This is the selling price of dollars from the bank. With the introduction of this new service, BML said that the procedures for foreign currency exchange for tourism industry businesses will be further strengthened and simplified. Additionally, they stated that this service will provide further impetus to conduct foreign currency exchange transactions in accordance with laws and regulations.
BML has informed that more information about this new service is available on the bank’s website. They have also stated that if businesses need more information about using this service, they can contact the bank’s customer service desk or inquire via email.
