Banks reduce dollar issuance; changes for students abroad

MMA said that it will continue to provide dollars through banks to Maldivian students pursuing higher education abroad.

7 January 2023

USD revenue sees boost, but black market rate remains at MVR 17

According to MIRA, the number of tourists arriving in the country increased by 12% in December as compared to 2021.

11 February 2023

Don't doubt the dollar

FX analysts at HSBC and Morgan Stanley are among those who reckon that the dollar is peaking and will weaken next year.

21 November 2022

Only 20% of tourism dollar revenue circulate in Maldives: MP Esa

The direct benefit of the guesthouse business to the economy is now greater than that of running resorts, he said.

25 October 2023

BML introduces online platform for mandatory dollar exchange

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

28 January 2025

Resorts required to exchange $500 per tourist, $25 at guesthouses

A business who fails to exchange foreign currency as per the rules will be fined between MVR 5,000 and MVR 1 million.

1 October 2024

Pres pledges action in first year to resolve dollar shortage

The president mentioned that a certain percentage of the dollars entering Maldives should be withheld in Maldives.

27 September 2023

Foreign exchange policy tightening put on hold

MMA is still in talks with the authorities and seeking their views on the implementation of the amendments.

16 November 2022