Advertisement
Maldives Monetary Authority(MMA) building. (Atoll Times Photo/Hussein Sunein)

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.

18 January 2025

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:

  • Out of 175 resorts, 138 have submitted their sales reports for October.

  • Sales reports are yet to be received from 37 resorts.

  • 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. 

Comments

profile-image-placeholder