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MAMaldives Monetary AuthorityMade 11 November 2026
strengthen measures to ensure a greater share of tourism foreign exchange earnings enters the banking system
In progressMedium impact
Where it stands todayThe Foreign Currency Act was amended to require eligible businesses to deposit 40 percent of foreign currency earnings in local banks, with part sold to the MMA.Since 14 November 2026 · based on an article by PSM News
The story so far
Newest first
In progressNowPromised → In progressAdded automatically
The Foreign Currency Act was amended to require eligible businesses to deposit 40 percent of foreign currency earnings in local banks, with part sold to the MMA.
Why it counts as in progress: The article reports a concrete legal step taken to bring more tourism foreign exchange into the banking system.
Key numbers in the article
USD 817.17 million projected official reserves by year-end16.9 per cent decline in projected reserves compared with end of last yearUSD 984.6 million official reserves at end of last year
Exact words from the article
“As part of its efforts to strengthen reserves, the Government has amended the Foreign Currency Act. Under the revised law, eligible businesses are required to deposit 40 per cent of their foreign currency earnings from the Maldives into local banks.”
65 per cent share of tourism foreign exchange earnings entering the banking systemUSD 5.9 billion estimated annual tourism foreign exchange earningsUSD 3.8 billion tourism foreign exchange entering the banking system
Exact words from the article
“Munawwar said the MMA would continue monitoring foreign exchange earnings and strengthen measures next year to ensure a greater share of tourism revenue enters the banking system.”
