MMA Urges Tourism Sector to Comply with Foreign Currency Regulation

The Maldives Monetary Authority (MMA) has issued a directive urging tourism sector businesses to adhere to the Regulation on Foreign Currency gazetted earlier this month. 

This regulation, outlined in 2024/R-91, mandates that businesses providing goods and services to tourists—and those registered for Tourism Goods and Services Tax (TGST) with the Maldives Inland Revenue Authority (MIRA)—complete registration with the MMA by 30th October 2024.

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Registration can be processed through the Foreign Exchange Registration Portal, accessible via the MMA’s website. The authority encourages businesses with questions about the registration process to reach out directly at 3012121 or email foreignexchange@mma.gov.mv.

The MMA’s move aims to ensure alignment across tourism businesses operating in foreign exchange, creating a streamlined regulatory environment that supports compliance and consistency within the sector.