BML introduces online platform for mandatory dollar exchange

Bank of Maldives (BML) on Tuesday announced the implementation of the mandatory exchange service through its internet banking platform.

The platform is for resorts, hotels, guesthouses, and other tourism-related businesses, in compliance with the Foreign Currency Act, which came into effect in January.

Businesses will be able to view a comprehensive activity report that enables them to track and review all mandatory transactions conducted through BML. Additionally, USD will be exchanged at the bank's selling rate of MVR 15.42.

"This online platform aims to streamline mandatory exchanges for the tourism sector, enhancing businesses to manage their currency exchanges conveniently and effectively while ensuring compliance with regulatory requirements," a BML statement said. 

The new Foreign Exchange Act allows resorts to either exchange $500 per tourist or 20 percent of their total income into Maldivian Rufiyaa.

Category B establishments like guesthouses, hotels and liveaboard vessels are required to exchange $25 per tourist or 20 percent of their total income.