Resorts expected to deposit USD 40 million to banks

Tourism service providers in the Maldives are expected to deposit between USD 30 million (MVR 463 million) and USD 40 million (MVR 617 million) with banks under the country's new foreign exchange regulations, according to Maldives Monetary Authority (MMA).

The deadline for these deposits, based on the number of tourists who arrived in October last year, is set for 28 January. MMA has urged service providers to complete their dollar deposits before this date.

So far, 138 of the 175 resorts operating in the Maldives have submitted their sales reports for October.

The new Foreign Exchange Act, which came into effect on 1 January this year, has been accompanied by regulations developed since October 2024. Under the regulations, resorts and guesthouses are required to deposit a set amount of foreign currency per tourist who arrived in the last quarter of 2024.

According to the new regulations, resorts must deposit USD 500 per tourist, while guesthouses are required to deposit USD 25 per tourist.

Additionally, under the Foreign Exchange Act, Category A resorts now have the option to either deposit USD 500 per tourist or 20 percent of their monthly income. For Category B guesthouses, the alternative is to deposit USD 25 per tourist or 20 percent of their monthly income.