The Maldives Monetary Authority (MMA) has issued notices to some resorts for not exchanging dollars at the amount stipulated in the Foreign Exchange Act and Rules.
Under the Foreign Exchange Act and Rules, tourism businesses are required to exchange 20 percent of their monthly income, or USD 500 per tourist.
Both the government and the MMA said the majority of the resorts are cooperating and making regular payments.
However, reliable sources confirmed that the MMA sent notices to some resorts for exchanging the dollar below 20 percent of the monthly income.
A businessman told Adhadhu on condition of anonymity that the resorts exchange less than 20 percent of the monthly income after requesting exemptions.
The Foreign Exchange Act allows resorts to request the MMA to review the amount that needs to be exchanged during financial constraints.
The MMA can fine resorts by 0.5 percent of the amount to be exchanged each month if they fail to comply with the central bank's instructions.
According to the Rules, businesses do not have any power to deduct part of the amount while awaiting exemptions from MMA.
Similarly, the MMA must respond to a request for review within a maximum of 30 days of receipt.
An official from MMA did not deny that some resorts were acting in contravention of the rules. The official said MMA would continue to act in accordance with the law.
The MMA earlier revealed that USD 362 million had been exchanged by June 2025.
