Resorts to exchange $40 million under Oct forex rule, MMA says
The rule, which requires resorts to exchange $500 per tourist, has been amended by new legislation passed by parliament.
Maldives Monetary Authority (MMA) said on Saturday that resorts are expected to exchange between $30 million and $40 million in October last year, as mandated by foreign exchange rules requiring them to convert a portion of their income from USD to Maldivian rufiyaa (MVR).
The foreign exchange rules stipulate that resorts must exchange $500 per tourist. According to the MMA, October's sales reports are anticipated to generate approximately MVR 617 million in exchanged revenue.
Key details include:
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Out of 175 resorts, 138 have submitted their sales reports for October.
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Sales reports are yet to be received from 37 resorts.
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Based on the reports received so far, the exchange amount is expected to range between $30 million and $40 million.
The rule, which requires resorts to exchange $500 per tourist, has been amended by new legislation passed by parliament.
The new Foreign Exchange Act, which came into effect in January, allows resorts to either exchange $500 per tourist or 20 percent of their total income.
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