President Muizzu Highlights Foreign Currency Exchange Bill as Key to Economic Growth

President Dr. Mohamed Muizzu stated that the new requirement in the Foreign Currency Exchange Bill, which mandates the exchange of USD 500 per tourist at resort establishments, calling it a step toward promoting dollar prosperity for the general public and small and medium enterprises (SMEs) in the Maldives. The President shared his views via social media, reaffirming his commitment to strengthening enforcement of this regulation through the Maldives Monetary Authority (MMA).

In a post on November 17, 2024, President Muizzu emphasized the importance of MMA’s new Foreign Currency Exchange Act, designed to regulate foreign currency exchange and address the ongoing shortage. He reiterated that the mandate for tourist establishments to exchange USD 500 per person would remain in place, with plans for a special "flex law" to further support the MMA.

The President highlighted that the new rules, along with future measures, will significantly enhance dollar circulation in the economy. Among these measures, starting in July 2025, government-owned companies will be able to access dollars at the official rate, eliminating the need to rely on the parallel market. Additionally, USD 1,000 will be required per departing passenger at Velana International Airport by the first quarter of 2026, and credit card limits will also be increased by that time.

Further, a higher proportion of dollars will be allocated to banks for telegraphic transfers (TT) for importing goods, benefiting local businesses. The President concluded by thanking the public for their support, emphasizing that these actions are designed to strengthen the economy and improve financial access for Maldivian businesses and citizens.