Tuesday
25th Aug 2026
Dhivehi Edition
Governor Ahmed Munawwar, Photo: President's Office
Maldives Monetary Authority (MMA) Governor Ahmed Munawwar has said transitioning all financial transactions conducted within the Maldives to Maldivian rufiyaa by the end of 2030 is an important goal of the central bank.
Speaking at a press briefing at the President’s Office, Munawwar said a significant volume of transactions in the Maldives is currently conducted in foreign currencies, with the use of foreign currency exceeding 40 percent. He said the country should now work toward a financial system that relies primarily on the Maldivian rufiyaa, in line with the vision of previous MMA governors.
Munawwar said this would require businesses such as resorts and Trans Maldivian Airways (TMA), which currently pay salaries in US dollars, to begin paying employees in rufiyaa. He said this would increase demand for the local currency. He also said land rent paid to the government by the tourism sector should be converted from foreign currency to rufiyaa.
Turning to broader economic reforms, Munawwar said the government intends to implement appropriate fiscal policies and eventually move the country’s exchange-rate system toward a managed float. He noted, however, that the MMA would need to maintain adequate foreign currency reserves before such a system could be introduced.
Munawwar also said important amendments to the Foreign Currency Act have been decided on. Among the proposed changes is increasing the portion of foreign currency revenue that resorts are required to convert from 20 percent to 40 percent.
Another proposed change would require foreign currency conversion on a monthly basis instead of once every three months. The MMA also plans to establish a system to monitor how foreign currency earnings received by businesses are spent.
Under the current framework, resorts can meet their foreign currency exchange requirement through either USD 500 per tourist or 20 percent of their monthly foreign currency revenue. The proposed amendment would make the 20 percent revenue-based requirement mandatory.
The proposed reforms would also increase the threshold for entities required to deposit foreign currency earnings into local bank accounts. The threshold, currently set at USD 15 million, would be raised to entities receiving at least USD 25 million in foreign currency annually.
Munawwar said the reforms are aimed at increasing the use and demand for the Maldivian rufiyaa while strengthening the country’s foreign currency management framework.