MMA Proposes Forex Bill; Critics Highlight Shift in President’s Stance

The Maldives Monetary Authority (MMA) proposed a foreign exchange bill to Parliament with concessions to rules requiring tourist facilities to exchange fixed USD amounts for MVR. Exemptions include children under two, complimentary packages, and stays under 24 hours. Facilities on inhabited islands only need to exchange $25 per guest. President Mohamed Muizzu had previously insisted the policy would not change, but the concessions now appear to contradict that stance. The original rule, effective 1 January 2025, requires resorts to exchange $500 per tourist and guesthouses $25. Over 50 resorts have rejected the rule, with industry leaders warning it could destabilize the tourism sector.

The Maldives Monetary Authority (MMA) proposed a foreign exchange bill to Parliament with concessions to rules requiring tourist facilities to exchange fixed USD amounts for MVR. Exemptions include children under two, complimentary packages, and stays under 24 hours. Facilities on inhabited islands only need to exchange $25 per guest. President Mohamed Muizzu had previously insisted the policy would not change, but the concessions now appear to contradict that stance. The original rule, effective 1 January 2025, requires resorts to exchange $500 per tourist and guesthouses $25. Over 50 resorts have rejected the rule, with industry leaders warning it could destabilize the tourism sector.

The Maldives Monetary Authority (MMA) proposed a foreign exchange bill to Parliament with concessions to rules requiring tourist facilities to exchange fixed USD amounts for MVR. Exemptions include children under two, complimentary packages, and stays under 24 hours. Facilities on inhabited islands only need to exchange $25 per guest. President Mohamed Muizzu had previously insisted the policy would not change, but the concessions now appear to contradict that stance. The original rule, effective 1 January 2025, requires resorts to exchange $500 per tourist and guesthouses $25. Over 50 resorts have rejected the rule, with industry leaders warning it could destabilize the tourism sector.

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