The volume of US dollars converted into Maldivian Rufiya through banks has increased by 40 percent since the amendment to laws and regulations requiring foreign currency deposits came into force, Economic Minister Mohamed Saeed has said.
The foreign axchange law was gazetted on December 14 last year and came into force on January 1 this year. Under the Act, Category A resorts are required to pay $500 per tourist, or 20 percent of their monthly income, while Category B, which includes safaris and guesthouses are required to pay $25, or 20 percent, per tourist. In addition to tourism establishments, the law will also apply to non-tourism businesses with annual income of more than US$15 million.
Since the Foreign Exchange Act came into force, US$150 million --MVR 2.3 billion -- has been deposited with banks by March. The Maldives Monetary Authority (MMA) expects the implementation of the law to help in reducing the dollar’s value on the black market.
Referring to this, Minister Saeed said the government is also working to increase exports in a bid to increase dollar revenue. Total foreign exchange earnings from exports in January and February this year increased by 11 percent compared to the same period in 2024, he noted.
According to the government's plan, government-owned companies will be able to purchase dollars at the official rate from July this year. In the first quarter of 2026, the $500 available at bank rate per passenger departing from Velana International Airport will be increased to $1,000 and credit card limits will also be increased.