Banks Exchanged One Billion Dollars Since Mandate
ADAdhadhu – 18 hours ago
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Banks have exchanged one billion dollars since being mandated to do so, according to Maldives Monetary Authority (MMA) data. Since the dollar exchange mandate began in January last year, $959 million was exchanged by May. On average, banks are exchanging $56 million per month, exceeding the initial projection of $40 million. Businesses are mandated to sell 90 percent of their dollar earnings to the MMA.