Maldives Monetary Authority (MMA) confirms they will temporarily cease issuing new licenses for money exchanger businesses.
Moreover, the central bank’s decision came on 17 October 2020, Saturday.
In its statement the central bank notes it has provided licenses for several local ventures for money exchange conduct.
Furthermore, MMA adds the licenses for money exchangers are higher in comparison with the country’s economy and population.
MMA confirms all registered and listed businesses with valid money-exchanger licenses will be visible on their website.
Additionally MMA claims it is currently revisiting the money-exchanger policies, confirming prospective amendments to it soon.