Maldives tourism businesses asked to register with MMA under new foreign exchange regulations

The Maldives Monetary Authority (MMA) has asked businesses in the tourism industry to register under the central bank’s new foreign exchange regulations.

Under the new regulations, all businesses registered with the Maldives Inland Revenue Authority (MIRA) as sellers of goods and services within the tourism sector are required to register with the MMA by the end of the current month. MMA has made the registration process accessible via its FX Portal Registration Form.

Businesses that have already registered with MIRA must register with MMA within 30 days of their MIRA registration date. This move is part of broader efforts by the MMA to strengthen the Maldives’ foreign exchange market and ensure the effective implementation of foreign exchange policies.

In line with these efforts, the MMA has also opened applications for foreign exchange trading licenses under the new rules.

Additionally, the central bank has introduced a regulation requiring all foreign currency income generated by the tourism industry to be deposited in local banks. This means businesses within the tourism sector, which are registered with MIRA, must re-register with the MMA within 30 days. New registrants will also be required to follow this rule within the same period.

Tourism businesses are now required to submit detailed reports on their goods and services to the MMA by the 28th of the following month. Moreover, all foreign currency earnings must be deposited into a local bank’s foreign currency account—registered with the MMA—within 87 days following the end of each month.

The regulation further mandates that most transactions within the Maldives must be conducted in Maldivian Rufiyaa, with exceptions for government-related transactions, remittances, foreign transactions, and sales to tourists.

In a separate regulatory update, MMA has amended the Foreign Currency Regulation, which now requires tourism facilities to exchange a portion of their foreign currency earnings through local banks. For Category A establishments such as resorts, hotels, and tourist vessels, $500 per guest must be exchanged.