Maldives Monetary Authority to publish names of non-compliant businesses

The Maldives Monetary Authority (MMA) has announced it will publish the names of businesses that fail to meet mandatory foreign currency conversion deadlines. This warning follows recent amendments to the Foreign Currency Act that shortened the conversion timetable and increased requirements for certain sectors.

Under the revised regulations, businesses must convert a prescribed portion of their monthly foreign currency earnings by the 28th of the following month. This replaces the previous deadline, which allowed businesses until the 28th of the third subsequent month to complete conversions.

Category A tourism establishments, such as resorts, are now required to convert 40 per cent of their monthly gross foreign currency sales into Maldivian rufiyaa. This is an increase from the previous 20 per cent requirement. Category B establishments, including guesthouses and tourist vessels, may choose to convert either USD 25 per eligible tourist arrival or 20 per cent of their monthly gross foreign currency sales. Statutory exclusions apply to the tourist count, such as children under 12 and short-term stays of less than 24 hours.