Tourism sector exchanges $214 million since Jan law, president says

President Dr Mohamed Muizzu said on Saturday that changes to banking regulations have resulted in the tourism sector exchanging USD 214 million into Maldivian Rufiyaa, contributing to an increase in the country’s foreign reserves and a surplus in the state budget.

Speaking at a press conference held at the President’s Office, the President provided a financial update and displayed a table showing the status of official reserves. According to the data presented:

The President attributed the increase in reserves in part to the mandatory conversion of tourism sector foreign exchange earnings through local banks. He noted that the law requiring banks to convert dollars has strengthened foreign currency inflows.

“The tourism sector has contributed USD 214 million so far,” the President said. “If this trend continues, the benefits will reach the people.”

The President added that planned benefits include expanding access to foreign currency for medical travellers and increasing the volume of overseas transactions permitted outside of credit cards. He said such measures aim to reduce reliance on the informal dollar market.

In terms of broader fiscal performance, the President said:

President Muizzu said the government is working to meet financial targets for the year, including plans to reduce total debt to MVR 9 billion by year-end and to make scheduled repayments on foreign loans.