The Maldives Monetary Authority (MMA) has publicly identified Raha Resort and South Palm Resort for failing to exchange any foreign currency as mandated under the Foreign Exchange Act. According to the MMA’s compliance report, 78% of resorts are consistently exchanging dollars, while 20% have not exchanged the required amounts. Additionally, 48% of mid-tier businesses, such as guesthouses, and 38% of large-scale enterprises are regularly complying with the exchange regulations.
Of the total foreign currency exchanged, 90% is acquired by the MMA. From this, 30% is disbursed through banks to meet the essential needs of the public and support small businesses. The remaining portion is utilized for the importation of fundamental commodities, including fuel, gas, food supplies, and pharmaceuticals.
