President Dr. Mohamed Muizzu said today that including a requirement in the Foreign Currency Bill for resorts to convert $500 per tourist is a very good thing.
The Maldives Monetary Authority (MMA) has drafted a bill to further strengthen the regulation requiring resorts and guesthouses to convert a certain amount of their dollar earnings through banks, and has opened it for stakeholder comments. According to the bill published by MMA, Category A, which includes tourist resorts, integrated resorts, private islands, and resort hotels in the tourism industry, must deposit and convert to rufiyaa at a bank at a rate of $500 per tourist for the total number of tourists arrived that month.
The regulation states that Category B, which includes tourist hotels, guesthouses, and tourist vessels, must deposit and convert to rufiyaa at a bank at a rate of $25 per tourist for the total number of tourists arrived that month. President Dr. Muizzu said in a post on “X” that having the $500 conversion requirement in the Foreign Currency Bill is very good and thanked MMA for it. He also said it is important that MMA has taken the initiative to create a Foreign Currency Law to strengthen the enforcement of regulations.
“This law will result in $500 being converted for every tourist coming to resorts. Additionally, including a requirement for non-tourism sectors to convert dollars if they earn above a certain amount will increase the dollars circulating in the banking system more than previously estimated,” said President Dr. Muizzu. The President said that the result of these changes will be increased dollar abundance for the general public and small and medium enterprises.
As such, the President said that from July next year, an arrangement will be established for state-owned companies to provide dollars at the official rate without going to the parallel market. He also said that in the first quarter of 2026, the $500 available to every Maldivian departing from Velana International Airport will be doubled to $1000. The President also said that credit card limits will be increased and the proportion of dollars released to banks for TTs for Maldivian businesses to import goods will be increased.
“I thank all beloved Maldivian citizens for their full cooperation with the government’s efforts to do such things that benefit the general public!” said the President.
