Thursday 13th Feb 2025
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Bank of Maldives

Bank of Maldives Launches Online Foreign Currency Exchange for Tourism Sector

The Bank of Maldives (BML) has introduced an online platform for foreign currency exchange, specifically designed for resorts, hotels, guesthouses, and other tourism-related businesses. This service aligns with the requirements of the Foreign Currency Act and the Maldives Monetary Authority’s (MMA) Currency Regulation.
Through the internet banking platform, businesses in the tourism sector can now easily fulfill their mandatory foreign currency exchange obligations, as stipulated by law. BML highlighted that the platform allows users to track and review all exchange transactions through a comprehensive activity report, ensuring transparency and compliance.
Under the new service, the bank will buy U.S. dollars from businesses at the rate of 15.42 Maldivian Rufiyaa, which is the bank's selling price for dollars.
According to BML, the primary goal of this platform is to simplify and streamline the process of foreign currency exchange for the tourism sector, making it more accessible for businesses to comply with regulations.
The Maldives Monetary Authority has projected that tourism service providers will convert between $30 million (463 million MVR) and $40 million (617 million MVR) under the foreign currency regulations. Based on tourist arrivals in October 2024, businesses are required to complete their dollar conversions by January 28, 2025, as per regulatory guidelines.