The Foreign Currency Act, requiring businesses to exchange a portion of their dollar earnings through local banks, is now in effect.
Under the Act, tourism-related enterprises and businesses earning a minimum of USD 15 million annually must deposit their revenue into a local bank and exchange part of it.
- Category A: Resorts are required to exchange either USD 500 per guest or an amount equivalent to 20% of their monthly revenue.
- Category B: Guesthouses must exchange USD 25 per guest or 20% of their monthly revenue.
The Maldives Monetary Authority (MMA) has detailed procedures for selecting one of these options to fulfill the dollar exchange requirement.
In October 2024, the MMA issued regulations guiding businesses on compliance. According to the Act, businesses were required to meet these guidelines by November 2024. Consequently, resorts and guesthouses must retroactively exchange USD 500 and USD 25 per guest, respectively, from earnings in October, November, and December 2024.
The Foreign Currency Act was officially ratified on December 14, 2024.
