The Maldives Monetary Authority (MMA) projects that tourist resorts will exchange USD 30 million to USD 40 million from their October 2024 revenues into local banks by January 2025 under the newly enacted Foreign Currency Act.
This initiative aims to address the country’s USD shortage and maintain a steady flow of foreign currency in the banking system. The law, which offers flexibility in exchange requirements, has been met with both support and concerns from industry stakeholders, though it is seen as crucial for stabilising the nation’s financial system.
MMA has announced that a total of 138 among 175 resorts that operate in Maldives have submitted their sales report to the authority.
Under the new currency Act, , While guest houses are supposed to exchange USD 25 per tourist, resorts have to exchange USD 500 per tourist or 20 percent of their monthly sales to local banks.