Forex bill retains $500 requirement for resorts; introduces adjustments for guesthouses, liveaboards
Maldives Monetary Authority (MMA) has circulated a draft bill on foreign currency exchange to various stakeholders, seeking comments on its provisions, with the proposed legislation mandating that resorts still exchange $500 per tourist and guesthouses exchange $25 per guest, with certain exemptions. The MMA has invited stakeholders to submit comments via email by Sunday afternoon. […]
Maldives requires foreign currency deposits from tourism sector
The Maldives Monetary Authority (MMA) on Tuesday introduced a new regulation requiring all foreign currency income generated by the tourism industry to be deposited in local banks. As per the regulation, businesses active in the tourism industry and registered with the Maldives Inland Revenue Authority (MIRA) are required to re-register with MMA within 30 days. […]
Maldives imposes new regulations on foreign currency exchange, restricts to Maldivians
The Maldives Monetary Authority (MMA) on Tuesday introduced new foreign exchange regulations, replacing a 37-year-old rule. The newly enacted Money Exchange Business Regulations require the establishment of a special company to conduct foreign exchange transactions. Under the new rules, two types of licenses will be issued: Tier-1: A license to trade in foreign exchange. Tier-2: […]
Maldives Instant Payment System “Favara” revolutionizes financial landscape as three banks join the innovation wave
The Maldives financial sector has taken a significant leap towards digital transformation with the official inauguration of the Maldives Instant Payment System, “Favara.” In a momentous ceremony on August 26, 2023, Vice President Faisal Naseem launched the pioneering payment system, highlighting its potential to revolutionize the nation’s financial infrastructure. The inception of the Favara payment […]
Occupancy rates decline in Maldives in November as fish exports fall, reports MMA
November saw 90,218 tourists arrive, a 14% drop in monthly terms, the Maldives Monetary Authority’s Monthly Economic Review reveals.
Maldives Monetary Authority unveils new banknotes
The Maldives Monetary Authority (MMA) unveiled its new banknote series at a special function held in Dharubaaruge on 1 November.
September arrivals decline by 13 percent in the Maldives
Arrivals in September plunged 13 percent in monthly terms according to the Maldives Monetary Authority’s Monthly Economic Review.
MMA report: Chinese arrivals rebound in August, as fish exports boom in the Maldives
August saw a 7.8% year-on-year increase in Chinese arrivals, as well as an phenomenal 407% year-on-year increase in fish exports.
Fisheries decline in July while tourist arrivals stabilise, MMA reports
Total tourist arrivals in July climbed in both monthly and annual terms by 28 percent and 4 percent respectively, totalling 104,517, notes the Maldives Monetary Authority’s Monthly Economic Review.
Maldives tourism and fisheries declined in June, reports MMA
June 2015 saw a decline in both tourist arrivals and fish exports, according to the latest MMA Monthly Economic Review.
Maldives Monetary Authority publishes 2014 annual report, estimates total tourism receipts at US$2.6bn
The Maldives Monetary Authority’s 2014 Annual Report covers developments in the domestic economy, MMA initiatives and the outlook for 2015.
MMA’s Monthly Economic Review: tourist arrivals up by 7% in March, overall occupancy down
The Maldives Monetary Authority’s Monthly Economic Review, vol. 9 published May 31st, highlights growth in arrivals despite falling occupancy.
