Dollar-starved Maldives notifies new foreign currency rules

Maldives has introduced new rules requiring all foreign currency earnings from the tourism sector to be deposited in local banks. The regulation mandates transactions within the country to be in Maldivian Rufiyaa, with some exceptions. Non-compliance will result in fines. This move comes as the country faces economic challenges and aims to stabilize its foreign exchange reserves.

from Economic Times https://ift.tt/AivLTZM