The Maldives Monetary Authority (MMA) has announced an increase in the amount of foreign currency banks are required to sell to the authority, raising the quota from 60 percent to 90 percent. The change will come into effect in June.
In a statement issued today, the MMA said the decision was made to facilitate easier access to dollars for businesses operating in the Maldives.
Under the Foreign Exchange Act, banks must sell a specified portion of their foreign currency earnings to the MMA. With the latest amendment, this requirement has now been raised to 90 percent to bolster dollar availability in the local market.
The MMA also reiterated existing regulations mandating foreign exchange contributions from the tourism sector. Category A resorts must deposit either USD 500 per tourist or 20 percent of their monthly income. Meanwhile, guesthouses under Category B are required to deposit USD 25 per tourist or 20 percent of their monthly income.
The move aims to stabilise the dollar market and ensure sufficient liquidity for trade and business operations.
In a statement issued today, the MMA said the decision was made to facilitate easier access to dollars for businesses operating in the Maldives.
Under the Foreign Exchange Act, banks must sell a specified portion of their foreign currency earnings to the MMA. With the latest amendment, this requirement has now been raised to 90 percent to bolster dollar availability in the local market.
The MMA also reiterated existing regulations mandating foreign exchange contributions from the tourism sector. Category A resorts must deposit either USD 500 per tourist or 20 percent of their monthly income. Meanwhile, guesthouses under Category B are required to deposit USD 25 per tourist or 20 percent of their monthly income.
The move aims to stabilise the dollar market and ensure sufficient liquidity for trade and business operations.
