SOEs to get official rate dollar access from Sept, president says

President Mohamed Muizzu announced Thursday that from September 2025, government-owned companies will be able to obtain US dollars at the official exchange rate without resorting to the parallel market.

Delivering the presidential address at the opening of parliament, President Muizzu stated that maintaining the value of the Maldivian Rufiyaa and addressing issues in the foreign exchange market are key priorities. He noted that steps have been taken towards these goals, including the formulation and implementation of a Foreign Exchange Act, which is expected to benefit the country's reserves.

"From September 2025, government-owned companies will receive dollars at the official rate. From January 2026, the proportion of dollars allocated to banks for importing goods will be increased," he said.

He also announced that the current allocation of $500 per departing passenger at Velana International Airport would be doubled in the first quarter of 2026. Additionally, credit card limits will be increased to $1,400 in the second quarter of next year.

The president stated that the implementation of the Foreign Exchange Act would strengthen the enforcement of foreign exchange regulations and increase the amount of foreign currency deposited in banks by the tourism industry and other foreign exchange-earning businesses. This, he said, would improve the availability of US dollars for private businesses and the public while helping maintain price stability through the exchange rate.

Under the Foreign Exchange Act, resorts are required to exchange 20% of their income or $500 per guest. Guesthouses, safaris, and hotels are required to exchange either $25 per tourist or 20% of their foreign exchange earnings.

Additionally, entities outside the financial sector that have received at least $15 million in foreign currency in the past year for goods and services are required to deposit 20% of their monthly foreign currency income.