BML Introduces Mandatory Exchange Service for Tourism Sector

News

Bank of Maldives (BML) has announced the implementation of a Mandatory Exchange Service through its Internet Banking platform for businesses in the tourism sector. This service complies with the Foreign Currency Act (32/2024) and the Maldives Monetary Authority (MMA) Foreign Currency Regulation (2024/R-91).

The service is designed for resorts, hotels, guesthouses, and other tourism-related businesses, enabling them to seamlessly manage and comply with mandatory currency exchange requirements.

Key Features of the Service:

1. Activity Reporting: Businesses can access a detailed activity report to track and review all mandatory transactions conducted through BML.
2. Exchange Rate: Transactions will be processed at BML’s USD selling rate of MVR 15.42.

This new online platform aims to streamline currency exchange processes, offering a convenient and efficient solution for businesses to manage their exchanges while ensuring adherence to regulatory obligations.

BML continues to support the tourism sector by integrating innovative services that enhance compliance and operational ease.