Banks given permission for small dollar commission

Banks have been given authorisation by the Maldives Monetary Authority (MMA) to place a one percent commission on one and five US dollar bills to try and encourage greater exports of the currency.

Haveeru reported that the MMA had conceded to requests from banks for permission to charge commission on the notes as a result of the high cost and “risk” involved in exporting dollars.

“Banks need to export the dollar bills of small value being collected as a result of the low public demand,” the MMA reportedly said.

Any institutions with a licence allowing the exchange of foreign currency will be able to charge the commission, under the MMA ruling.