All operational resorts except one have registered under the new rules that require tourist facilities to exchange dollars in banks in the Maldives.

In a message to the media, the Maldives Monetary Authority (MMA) said 173 out of 174 resorts have registered under the rules.

The deadline for registration of such establishments with the central bank was October 30 under the rules gazetted on October 1, requiring resorts to deposit USD 500 per tourist and USD 25 per tourist visiting guesthouses.

Under the changes, all transactions in Maldives must be done in Maldivian Rufiyaa. But many exceptions were given to businesses earning revenue in foreign currency.

Additionally, MMA has imposed rules on depositing all funds with banks and reporting to the agency.

These include submitting details of goods and services provided by tourism businesses to the authority and depositing or transferring to a foreign currency account opened in a bank within a specified period. The maximum is three months.

While the rules require the total income to be deposited in banks, a certain amount has to be changed. The amount is USD 500 for each tourist visiting resorts, integrated resorts, resort hotels, hotels, tourist vessels and other such places.

The amount set for guesthouses and hotels in inhabited islands with less than 50 rooms is USD 25 per tourist.

However, tourist facilities can get an exemption from the MMA in case the foreign currency has to be used to pay taxes, repay loans or due to a court order.