MMA announces foreign currency exchange spaces at new VIA terminal

Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar has announced that the new terminal at Velana International Airport will include designated spaces for foreign currency exchange, facilitating easier currency transactions. He made the remarks during a programme of PSM News.

Speaking on the programme, he explained that all banks operating in the country will be given the opportunity to establish exchange counters at the airport, following discussions currently underway with the banking sector. This move is intended to align with global practices, making it more convenient for businesses and tourists to exchange foreign currency.

The MMA is also working on a new foreign exchange law, with a draft bill prepared and opened for public comment. In advance of the law’s enactment, a new rule will take effect in January, requiring resorts and guesthouses to charge a specified amount in foreign currency per tourist.

Governor Munawwar emphasized that the expansion of foreign exchange facilities at the airport is part of a broader initiative to provide businesses with greater access to foreign currency exchange services. The goal is to establish a transparent system that holds banks accountable while ensuring that these services are available to those who need them most.

Currently, there are foreign currency counters for departing passengers, and a Bank of Maldives (BML) counter is available at the arrival exit. However, the new terminal will allow space for more banks to provide these services.