The Maldives Monetary Authority (MMA) has initiated the process for tourist facilities to register with the authority, following the newly revised foreign exchange regulations.
All entities registered with the Maldives Inland Revenue Authority (MIRA) as goods and service providers in the tourism sector will have to register with the MMA before 31 October, the MMA’s new regulations stipulate.
Tourism businesses can register via the MMA’s FX Registration Portal.
According to the central bank, the registration is critical in ensuring the further expansion of the foreign exchange market and the full implementation of the nation’s foreign exchange policies.
Under the new foreign exchange rules, resorts are required to exchange US$500 per guest through a local bank, while guesthouses are required to exchange US$25 per guest.
Meanwhile, the MMA and the Mohamed Muizzu administration continue to face heavy criticism from the tourism industry, as well as the political opposition, as authorities are being pressured to reverse the new policy.
