Maldives Tourism Providers Deposit Over USD 25 Million in Banks Under New Foreign Exchange Act
![](https://www.plus.mv/wp-content/uploads/2025/01/1.-Dhivehi-news-website-1-70-800x468.jpg)
President Dr Mohamed Muizzu announced that tourism service providers in the Maldives had deposited over USD 25 million in local banks, in compliance with the Foreign Exchange Act.
The Act, which came into effect on January 1, mandates that tourism operators deposit a specified amount per tourist in local banks. This regulation applies to both tourists who arrived in 2023, particularly in the last three months of the year, as well as those visiting in 2024.
Speaking during his visit to the residents of Hoarafushi in Haa Dhaalu Atoll, Muizzu confirmed that nearly all resorts had fully complied with the new regulations. He shared an update from the Governor of the Maldives Monetary Authority (MMA), revealing that over USD 25 million had been deposited in local banks, as of Monday.
Muizzu emphasised that no exemptions would be granted for those required to deposit foreign currency under the new law, asserting that the proper implementation of the policy would provide a significant boost to the country’s economy.
The regulations stipulate that resorts must deposit USD 500 per tourist in a local bank, while guesthouses are required to deposit USD 25 per tourist. Additionally, the Act allows Category A resorts to choose between depositing USD 500 per tourist or 20 percent of their gross monthly income. Likewise, Category B guesthouses can opt to deposit either USD 25 per tourist or 20 percent of their monthly income.
The deadline for the first phase of deposits under the new regulations passed on yesterday. Although the exact amount deposited remains to be officially confirmed, the MMA estimates that the total deposits during this period will fall between USD 30 million and USD 40 million.