Maldives central bank reminds money changers of license fee

Maldives central bank on Monday reminded authorized local foreign currency exchange outlets to pay license fee before the end of next month.

Under the 1987 monetary regulation, licensed money changers must pay an annual fee of MVR1,200 to the central bank which for this year would be due before January 31, 2018.

Maldives Monetary Authority (MMA) reminded license holders would face a fine of between MVR2,000-10,000 for failure to pay the fee before the due date.