The Maldives Monetary Authority (MMA) has estimated that an amount between USD 30 million to USD 40 million will be exchanged through local banks under new rules that require tourist establishments to exchange a percentage of their dollar income.

The new rules were gazetted by the MMA on October 1 requiring resorts to deposit USD 500 per tourist and USD 25 per tourist visiting guesthouses. The rules and the Foreign Exchange Act came into force on January 1.

An MMA official told Adhadhu that they received the sales reports for October from 138 out of 175 resorts registered under the rules. He added that around USD 40 million is expected to be exchanged based on those reports.

"We haven't got the sales report for 37 resorts. According to the sales reports submitted so far, it is estimated that between USD 30 million and USD 40 million will be exchanged through the banks due to the foreign exchange rules," the official said.

The new rules mandate that all domestic transactions must be conducted in Rufiyaa except under specific circumstances and that tourist establishments must exchange dollars before the 28th of every month.