The Maldives Monetary Authority reminded foreign currency-earning businesses of their mandatory monthly conversion obligations under the Foreign Exchange Act, warning that non-compliant businesses will be publicly named. Under amended rules effective September 1, resorts must convert 40 percent of monthly foreign currency revenue through local banks, while guesthouses continue under the original arrangement.
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Under the revised framework, resorts are required to convert 40 percent of their monthly foreign currency revenue through local banks.
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they are required to exchange either USD 25 per tourist or 20 percent of their total revenue, depending on the applicable provision.
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they are required to exchange either USD 25 per tourist or 20 percent of their total revenue, depending on the applicable provision.
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the tourism sector generated approximately USD 5.6 billion in revenue last year, of which an estimated USD 3.8 billion entered Maldivian banks.
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the tourism sector generated approximately USD 5.6 billion in revenue last year, of which an estimated USD 3.8 billion entered Maldivian banks.
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MMA statistics indicate that only 21 percent of the USD 3.8 billion entering the banking system was converted through banks, equivalent to approximately USD 798 million.
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equivalent to approximately USD 798 million.
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the government had also stated that resorts were converting approximately 10 percent of their foreign currency earnings through local banks.
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The Maldives Monetary Authority (MMA) has reminded businesses and other entities earning foreign currency to fulfil their mandatory conversion obligations under the Foreign Exchange Act
Word for word from the report in The Standard. Open the report