Summary Translation: Maldives Foreign Currency Act

Here is a summary translation of the essential provisions of the Foreign Currency Act in a simple and concise form to help the affected persons and entities understand the core elements of the law.

The Foreign Currency Act [Law No: 32/2024] was introduced on 14 December 2024. It has a total of 26 provisions. Here, we have left out sections of a non-essential, routine, or administrative nature.

There is no official or unofficial translation of the law published by the Maldives Monetary Authority, our central bank, and the central agency given responsibility for implementation and enforcement of the Act.

Every effort has been made to capture a reasonably accurate gist of the original Dhivehi text.

In case of any doubt on the accuracy of the information presented here, please refer to the official Dhivehi version, seek independent legal advice, or approach the relevant government agencies of the Maldives for assistance. 

The official text of the law is always the Dhivehi version as signed into law. The original Dhivehi text shall prevail over any discrepancies or differences between the Dhivehi version and any translation of it by any agency or entity. 

Also, we have created an acronym and used it in this English summary translation: BFCI—business with foreign currency income.

You may read the summary translation here.