Maldives Monetary Authority (MMA)
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BusinessMMA estimates resorts will exchange USD 40mn
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 amendments to the Foreign Exchange Act came into force on January 1.
BusinessUsable reserves at USD 63.2 million at the end of 2024
This is an increase of USD 15.1 million compared to November. Usable reserves stood at USD 45.8 million in November.
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Foreign Currency Act comes into force
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MMA launches their first Research Conference
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"Resorts content with changes to foreign currency exchange"
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Bill makes exchanging USD 500 per tourist optional
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Usable reserves grow with bank investments after currency swap
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Private sector members dismissed from MMA board
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MMA opens draft foreign exchange bill for consultation
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MMA and RBI sign MoU on using local currencies
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Tourism advisor Khaleel appointed to economic council
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We will not change rules, 500 dollars must be exchanged: Muizzu
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President's tourism advisor among operators against dollar rules
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Muizzu denounces resort owners!
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State minister calls to seize Universal's resort permit
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MMA says 173 operational resorts have registered under new rules
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Over 50 resorts refuse to comply with the change in dollar rules
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Usable reserves dropped to USD 31.5 million at the end of October
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MACL's dollar-denominated salaries violate law and MMA directives
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