The Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has announced a strategic goal to conduct all domestic financial transactions in Maldivian Rufiyaa by the year 2030. To bolster the demand for the local currency, the Governor emphasized the necessity of transitioning payments such as salaries and land rents to Rufiyaa. Furthermore, legislative amendments are proposed to increase the mandatory foreign currency conversion requirement for resorts from 20% to 40% of their monthly dollar earnings. Additionally, amendments have been submitted to provide concessions to Maldivian businesses, including raising the annual revenue threshold for the mandatory deposit of foreign currency into local bank accounts from USD 15 million to USD 25 million.
