President Dr Mohamed Muizzu ratified the Foreign Currency Bill today. The bill was passed in the 60th sitting of the third session of the Parliament on December 12, 2024.

The bill aims to establish clear guidelines for managing foreign currency transactions in the Maldives and regulate currency exchange practices. The legislation mandates that all domestic transactions must be conducted in Maldivian Rufiyaa, prohibiting the use of foreign currencies except under specific circumstances defined by law. It also forbids charging Maldivian nationals for any services provided or acquired within the Maldives in any currency other than the Rufiyaa.

The bill introduces a framework for businesses operating under Maldivian law to exchange foreign currency obtained from realised sales proceeds. These businesses are required to exchange their foreign currency with banks operating in the Maldives, which, in turn, must sell a specified percentage of these exchanges to the Maldives Monetary Authority (MMA).