President Dr. Mohamed Muizzu has ratified amendments to the Foreign Exchange Act. Under these amendments, the income threshold requiring entities to deposit foreign currency into banks has been raised from USD 15 million to USD 25 million. Category-A tourism establishments are required to convert 40 percent of their monthly foreign currency earnings into Maldivian Rufiyaa.
Selling, attempting to sell, or advertising foreign currency at rates contrary to those set by the Maldives Monetary Authority (MMA) constitutes a criminal offence under this Act. Individuals found guilty of this offence may be fined between MVR 25,000 and MVR 1 million. Where a legal entity is involved, the fine ranges from MVR 100,000 to MVR 5 million. Foreign currency exchange business may only be conducted by those holding a valid MMA licence.
