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.