Maldives Monetary Authority targets Rufiyaa-based economy by 2030

The Maldives Monetary Authority (MMA) has announced a strategic plan to transition the nation toward a Rufiyaa-based economy by 2030. MMA Governor Ahmed Munawar stated that the goal is to reduce heavy reliance on the US dollar by mandating that domestic transactions and salaries, particularly in the aviation and resort sectors, be paid in the national currency.

To support this shift, the government is proposing amendments to the Foreign Exchange Act. These changes would increase the mandatory foreign currency conversion requirement for Category A establishments, such as resorts, from 20 percent to 40 percent of total sales. The move follows allegations from government officials that certain resort operators are fueling a parallel currency market by restricting the supply of dollars.

The Maldives Association of Tourism Industry (MATI) has rejected these allegations, maintaining that its members are not manipulating exchange rates. Meanwhile, the MMA has begun enforcing existing regulations, publicly naming Rahaa Resort and South Palm Resort Maldives for failing to comply with mandatory currency exchange requirements. A recent compliance report indicated that while 78 percent of resorts are meeting requirements, 20 percent have not done so adequately.