Attorney General Ahmed Usham has stated that the ongoing foreign currency challenges are expected to see a significant positive shift within the next month, following the implementation of the new Foreign Exchange Regulation. Under this amendment, which came into effect on the 1st of this month, resorts are mandated to exchange 40% of their foreign currency earnings through local banks. The Attorney General further warned that strict legal action will be taken against those involved in unauthorized currency exchange and black-market activities that deviate from the official rates set by the Maldives Monetary Authority (MMA). While urging all parties to conduct foreign exchange transactions in compliance with established laws, he noted that relevant government authorities are collaborating effectively to eliminate illegal dollar trading.
