Maldives Monetary Authority (MMA) has reminded businesses and individuals earning foreign currency to deposit and exchange their USD income by Wednesday, in line with the Foreign Currency Act.

In a press release, the central bank urged foreign exchange earners to comply with the requirements of the law, which stipulates that foreign currency income received in a given month must be deposited and exchanged by the 28th of the following month.

MMA said the names of those who fail to complete the required exchange arrangements by the deadline would be made public in accordance with established procedures.

Amendments to the Foreign Currency Act passed in August require resorts to deposit 40 percent of their foreign currency earnings with banks in Maldives each month. The changes came into effect on 1 September.

Guesthouses are required to deposit foreign currency equivalent to USD 25 per tourist or 20 percent of their total revenue.

The government has said the tourism industry generated USD 5.6 billion last year, but an estimated USD 3.8 billion entered the banking system.

According to MMA data, only 21 percent of the USD 3.8 billion was exchanged through banks.

Before the Foreign Currency Act came into force, resorts exchanged only 10 percent of their foreign currency earnings through Maldivian banks.