Dollar circulation in banking system to exceed estimates with new exchange requirements for non-tourism sectors: President
President Dr Mohamed Muizzu has stated that if sectors other than tourism receive more than a certain amount of dollar income, the requirement to exchange dollars will increase the circulation of dollars in the banking system beyond previous estimates. The President made this statement in a post shared today on his official X account.
With regards to the Maldives Monetary Authority's (MMA) public consultation on strengthening foreign currency regulations by converting them into law, the President welcomed the inclusion of mandatory dollar exchange requirements in the Foreign Currency Bill. Reiterating his statement from 17 November 2024, he emphasised that the MMA's initiative to establish a comprehensive Foreign Currency Bill was crucial for enhancing regulatory enforcement.
The President stated that under this law, USD 500 would be exchanged for every tourist arriving at resorts. If sectors other than tourism receive more than a certain amount of dollar income, the requirement to exchange dollars will increase dollar circulation in the banking system beyond previous estimated. He also indicated that these positive changes would result in increased dollar availability for the general public and small and medium-sized enterprises.
Furthermore, the President shared the Government's ongoing efforts, including:
Establishing arrangements for state-owned companies to obtain dollars at official rates without accessing the parallel market from July 2025
Doubling the USD 500 allowance to USD 1,000 for every Maldivian departing from Velana International Airport in the first quarter of 2026
Increasing credit card limits in the first quarter of 2026
Increasing the proportion of dollars released to banks for telegraphic transfers (TTs) for Maldivian businesses importing goods from July 2025
The President concluded his message by thanking all Maldivian citizens for their unwavering cooperation with the Government's efforts to implement such measures beneficial to the general public.