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Maldives Monetary Authority (MMA)

All Maldives resorts except 1 register under new forex rules

173 out of the 174 resorts currently operating in the Maldives have successfully registered under the new regulations.

14 November 2024

The central bank of Maldives on Wednesday confirmed that nearly all resorts in the Maldives have complied with the newly established foreign exchange regulations set forth by the Maldives Monetary Authority (MMA).

These rules mandate that all businesses registered with the Maldives Inland Revenue Authority (MIRA) as providers of goods and services in the tourism sector must register with the MMA by the end of October 2024.

According to the MMA’s announcement, 173 out of the 174 resorts currently operating in the Maldives have successfully registered under the new regulations. The agency refrained from disclosing the name of the one remaining resort that has yet to comply.

These measures, according to the MMA, are crucial for strengthening and expanding the Maldives’ foreign exchange market, as well as for ensuring the comprehensive implementation of the nation’s foreign exchange policies. The MMA highlighted the importance of full cooperation from all relevant stakeholders to support these regulatory efforts.

Meanwhile, prominent businessman Champa Mohamed Moosa (Uhchu) and companies affiliated with him approached the authority on Tuesday to request a repeal of the newly established rules.

However, the MMA has maintained that these regulations are essential for the long-term benefit of the Maldives’ economic framework.

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