# Maldives foreign exchange regulatory enforcement > Live situation record from CLSTR: https://clstr.news/situations/maldives-foreign-exchange-regulatory-enforcement > Updated: 2026-08-22T17:45:40.000Z. Sources: 8. Developments: 2. The Maldives Monetary Authority (MMA) has intensified regulatory enforcement regarding foreign exchange compliance. Initially, the MMA revoked the license of Express Money Exchange Private Limited for violating exchange regulations and failing to comply with established laws. This action was taken amid concerns regarding the black market exchange of US dollars. Following this, the MMA identified specific hospitality entities, including Rahaa Resort and South Palm Resort Maldives, for failing to meet requirements under the Foreign Exchange Act. A compliance report revealed that while 78 percent of registered resorts met dollar exchange requirements, compliance was significantly lower among Category B establishments, such as guesthouses and safari vessels, where 37 percent showed no compliance. In response to a national US dollar shortage, the MMA Governor suggested that a ‘Rufiyaa-only’ policy for domestic transactions could potentially address the issue, contingent upon maintaining macroeconomic fundamentals. Building on this, the MMA has announced a strategic plan to transition the nation toward a Rufiyaa-based economy by 2030. Governor Ahmed Munawar stated 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 transition, the government is proposing amendments to the Foreign Exchange Act that would increase the mandatory foreign currency conversion requirement for Category A establishments, such as resorts, from 20 percent to 40 percent of total sales. While government officials allege certain resort operators are fueling a parallel currency market, the Maldives Association of Tourism Industry (MATI) has rejected these claims, maintaining that its members are not manipulating exchange rates. ## Timeline ### 2026-08-22: Maldives Monetary Authority targets Rufiyaa-based economy by 2030 The Maldives Monetary Authority aims to shift domestic transactions and salaries to Rufiyaa by 2030, proposing higher mandatory currency conversion rates for resorts to reduce US dollar dependence. 6 sources. https://clstr.news/cluster/maldives-monetary-authority-cites-resorts-for-forex-non-compliance ### 2026-08-21: Maldives Monetary Authority revokes Express Money Exchange license The Maldives Monetary Authority has revoked the license of Express Money Exchange Private Limited due to regulatory violations regarding foreign exchange transactions. 2 sources. https://clstr.news/cluster/maldives-monetary-authority-revokes-express-money-exchange-license --- Cite as: Maldives foreign exchange regulatory enforcement. CLSTR, https://clstr.news/situations/maldives-foreign-exchange-regulatory-enforcement