President Welcomes MMA’s Efforts to Control the Use of Currencies Other Than Rufiyaa in Business Transactions in the Maldives

President Mohamed Nasheed has welcomed the Maldives Monetary Authority’s (MMA) attempt to control the use of currencies other than Rufiyaa in conducting business in the Maldives.

Reiterating the Article 5 of Monetary Regulation, the central bank, MMA, has announced the prohibition of the use a currency other than Maldivian Rufiyaa for the payment of any merchandise of business conducted in the Maldives, remuneration for work or services, fee, rent or the like.

Earlier this week, on 8 May, meeting Governor of MMA Fazeel Najeeb, the President stressed that all business transactions in the Maldives should be conducted using Rufiyaa, as stipulated in the regulation.

He requested the Governor to take special measures to enforce the regulation and control the use of other currencies in conducting business transactions in the Maldives.

The President especially commended the MMA’s announcement following his request to the Governor and extended his good wishes for the success of MMA’s efforts in this regard.