MMA mandates all tourism foreign currency income be deposited in local banks

Maldives Monetary Authority (MMA) has formulated and gazetted a new regulation mandating all foreign currency income generation from the tourism industry to be deposited to local banks.

According to the central bank's regulation, all parties which are active in the tourism industry and registered with Maldives Inland Revenue Authority (MIRA) are required to submit to be re-registered within the next 30 days. Newly registering parties must register with the MMA within 30 days as well, the regulation states.