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Dollar-starved Maldives notifies new forex rules
The Morning Standard
|October 21, 2024
DOLLAR-STARVED Maldives has floated a new foreign currency regulation, limiting types of transactions allowed in foreign currency and imposing mandatory foreign currency exchange controls on tourism establishments and banks.
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Maldivian economy appears to have taken a hit after calls to Indian tourists to avoid the picturesque island nation as a response to President Mohamed Muizzu's 'India Out' campaign last year.
Maldives last month averted a potential default on an Islamic bond payment after India extended a $50 million interest-free loan.
This story is from the October 21, 2024 edition of The Morning Standard.
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