MMA reminds entities of 28th deadline for foreign currency conversion

MMA reminds entities of foreign currency conversion deadline

MMA has reminded entities subject to the Foreign Currency Act to meet monthly conversion requirements by the 28th of the following month, warning that non-compliant entities may be publicly named.

Mohamed Hilmy

26 October 2026, 06:26

The Maldives Monetary Authority (MMA) has reminded entities subject to the Foreign Currency Act to continue meeting their mandatory foreign currency conversion requirements.

In a statement, the MMA said foreign currency income received during each calendar month must be converted into Maldivian rufiyaa before the 28th of the following month, in accordance with the Act.

The Authority urged all entities covered by the requirement to ensure compliance within the prescribed deadline.

The MMA also warned that where an entity fails to fully meet its conversion obligation by the deadline, its name may be publicly disclosed in accordance with the established procedure.

The reminder follows amendments introduced this year to the foreign currency regulatory framework, including changes to conversion requirements for certain categories of businesses. The general regulation under the Foreign Currency Act was amended in September 2026.

MMA reminds entities of foreign currency conversion deadline

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