The Maldives Monetary Authority (MMA) issued a reminder on Monday urging all entities earning foreign currency to complete their required conversions by Wednesday, adhering to the newly amended Foreign Exchange Act.
Under Section 10 of the Act, businesses subject to the law must convert a specified portion of their monthly foreign currency revenue by the end of each calendar month, with a final compliance deadline of the 28th day of the following month. The MMA cautioned that entities failing to meet this deadline will be publicly named in accordance with central bank regulations.
Following the legislative amendment that took effect on January 1, resort operators are now required to deposit 40 percent of their monthly foreign exchange earnings into local banks—a significant increase from the previous 10 percent requirement. Meanwhile, rules for guesthouses remain unchanged, requiring them to convert either USD 25 per tourist or 20 percent of their total monthly revenue.
