Company fined by MVR 500,000 for illegal foreign currency trade; license suspended

The Maldives Monetary Authority (MMA) has fined a company and suspended its license after finding it engaged in illegal foreign currency trade.

In a statement, the central bank announced that action had been taken against MS Finance Exchange Private Limited. The company was fined MVR 500,000, and its currency exchange licence was suspended for violating the Money Changing Business Regulation.

The MMA urged all parties involved in foreign exchange transactions to strictly comply with applicable laws and regulations, warning that further violations would attract stringent penalties.

Another business was fined early last month for similar breaches of foreign exchange regulations.

The current administration has pledged to introduce strict measures to curb the black market for US dollars. These measures include prohibiting the advertisement or promotion of foreign currency transactions at rates exceeding those officially set by the MMA. Under the new restrictions, disclosing, publishing, or circulating black market exchange rates through digital platforms or any other medium is classified as a punishable offence.