MMA Directs Banks to Sell 90% of Dollar Inflows to Strengthen Economy

The Maldives Monetary Authority announced that from June 1, 2025 banks must sell 90% of their acquired U.S. dollar proceeds to the central bank, up from the previous 60% requirement, to strengthen foreign exchange reserves and stabilise the Maldivian Rufiyaa. The change was enacted under Article 13(a) of Law No. 2024/32 (Foreign Currency Act), which also sets currency conversion obligations for tourism-related businesses.

First reported 21 May 2025, 08:43

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MMA Directs Banks to Sell 90% of Dollar Inflows to Strengthen Economy

90% Share of acquired U.S. dollar proceeds banks must sell to the central bank

21 May, 08:43 First Open at outlet

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90% Share of acquired U.S. dollar proceeds banks must sell to the central bank The Standard
Effective June 1, 2025, banks will be required to sell 90% of their acquired U.S. dollar proceeds to the central bank, a substantial increase from the previous 60% mandate .
Word for word from the report in The Standard. Open the report
60% Previous mandated share of dollar proceeds sold to the central bank The Standard
Effective June 1, 2025, banks will be required to sell 90% of their acquired U.S. dollar proceeds to the central bank, a substantial increase from the previous 60% mandate .
Word for word from the report in The Standard. Open the report
USD 500 Category A conversion obligation per tourist per month The Standard
Category A: Includes resorts, integrated tourist resorts, and resort hotels. These establishments must convert either USD 500 per tourist per month or 20% of their gross monthly foreign currency sales.
Word for word from the report in The Standard. Open the report
USD 25 Category B conversion obligation per tourist per month The Standard
Category B: Encompasses tourist vessels, tourist hotels, and guesthouses. These are required to convert either USD 25 per tourist per month or 20% of their gross monthly foreign currency sales.
Word for word from the report in The Standard. Open the report
20% Conversion share of gross monthly foreign currency sales for covered businesses The Standard
High-Income Entities: Businesses earning an annual foreign currency revenue of at least USD 15 million are mandated to convert 20% of their gross monthly foreign currency sales .
Word for word from the report in The Standard. Open the report
USD 15 million Annual foreign currency revenue threshold for high-income entities The Standard
High-Income Entities: Businesses earning an annual foreign currency revenue of at least USD 15 million are mandated to convert 20% of their gross monthly foreign currency sales .
Word for word from the report in The Standard. Open the report

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Maldives Monetary Authority Mohamed Muizzu President