Maldives Monetary Authority (MMA) has announced Maldivian Rufiyaa will be the only form of currency for local financial transactions.
During a Parliamentary Committee meeting on Public Accounts, MMA Governor Ali Hashim stated several efforts are being undertaken by the central bank to control inflation and prevent US dollar price spikes in the black market. The Governor said important measures will be introduced with the new national payment system and as part of this, all local transactions will be allowed only in local currency. Moreover, he said all local transfers would be restricted to Maldivian Rufiyaa. “If a person has a local account or locally issued card, all transactions will have to be made in Rufiyaa” he added.
Furthermore, Governor Ali Hashim said the introduction of the new payment system would ease the monitoring of transactions. He highlighted to reduce the impact on the economy all the measures will be implemented gradually, and he asked for cooperation and support from all relevant authorities and institutions.