Maldives Monetary Authority (MMA) reported that official reserves stood at USD 708.1 million at the end of January, marking a five percent increase compared to December 2024.
Tourism service providers have deposited over USD 50 million in local banks by the end of January under the Foreign Exchange Regulations.
Maldives Monetary Authority (MMA) reported that official reserves stood at USD 708.1 million at the end of January, marking a five percent increase compared to December 2024.
The rise in reserves was attributed to higher foreign exchange receipts than expenditure during the month. Revenue from taxes and fees increased by 12 percent in January compared to the previous month, contributing to the overall growth.
MMA also noted that the increase in foreign exchange receipts was partly due to changes under the Foreign Exchange Regulations.
Based on earnings from October last year, tourism businesses had deposited over USD 50 million into local banks as of January.
The central bank confirmed that 90 percent of resorts complied with the requirement to deposit foreign currency into the banking system.
According to the regulation, resorts are required to deposit USD 500 per tourist in a local bank, while guesthouses must deposit USD 25 per tourist. The Foreign Exchange Act also offers an alternative for Category A resorts, allowing them to deposit either USD 500 per tourist or 20 percent of their gross monthly income.
Category B guesthouses can choose to deposit either USD 25 per tourist or 20 percent of their monthly income.
MMA had initially estimated total deposits during this period to be between USD 30 million and USD 40 million. However, actual deposits in January exceeded expectations, surpassing the central bank’s forecast.
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