The Foreign Currency Act, which stipulates that a part of the dollar income of businesses must be exchanged via local banks, comes into effect today.
The Foreign Currency Act, which stipulates that a part of the dollar income of businesses must be exchanged via local banks, comes into effect today.
As per the Act, tourism enterprises and other businesses which earn a minimum of 15 million dollars must deposit earnings to a local bank and exchange it.
Resorts fall into Category A, where USD 500 must be exchanged for each guest or dollars equivalent to 20 percent of revenue each month must be exchanged.
Category B includes guest houses, where USD 25 per guest, or dollars equivalent to 20 percent of revenue each month must be exchanged.
Maldives Monetary Authority (MMA) has outlined how to opt for one of these options to exchange dollars.
Central bank, MMA, in October 2024, formulated a regulation for the exchange of dollars. As per the Act, businesses must have complied with the regulation by November last year.
Hence, resorts and guesthouses must exchange USD 500 and USD 25 per guest respectively from earnings in October, November and December last year.
The Foreign Currency Act was ratified on December 14.
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