Maldives Monetary Authority (MMA) has heavily fined a top foreign currency exchange outlet named "MS Finance Currency Exchange Pvt Ltd" following a flagrant violation of money exchange regulations.
The company has been fined MVR 500,000. At the same time, the foreign exchange license issued to the company has been temporarily withheld.
The government and the central bank have now begun taking strong measures to curb those who sell dollars at unofficial rates and make illegal profits.
The law was amended to curb illegal activities, and a large amount of money was seized in special raids conducted by the police.
With the amendments to the Foreign Exchange Act, it is an offense to sell and advertise dollars at prices above the rate fixed by the MMA. Foreign exchange transactions can only be conducted by valid MMA licensees.
