Tourism Facilities Comply with USD Regulations, Showing Positive Impact: Minister Thoriq

Minister of Tourism and Environment, Thoriq Ibrahim, has expressed his gratitude to tourism facilities for complying with the Maldives Monetary Authority’s (MMA) new USD regulations and stated that the positive impact of these measures is already becoming evident.

Due to challenges in obtaining USD and high black market exchange rates last year, the Maldives' central bank, MMA, amended its regulations, requiring tourism facilities to exchange a portion of their foreign currency earnings through Maldivian banks.

While there were initial concerns and opposition to the regulation, Minister Thoriq stated last night that all tourism facilities have now registered under the new framework.

Speaking at the ‘Ahaa’ Forum, a public event where citizens can question ministers, Thoriq reaffirmed that all tourism establishments, including resorts and guesthouses, have complied with the new rules. He thanked them for their cooperation and expressed confidence that the system will be further strengthened in the future.

He also noted that black market exchange rates have started to decline and cited President Dr. Mohamed Muizzu’s recent announcement that the Bank of Maldives (BML) will provide each Umrah pilgrim with USD 1,500 at the official bank rate as evidence of the regulation’s benefits.

Looking ahead, the minister stated that an increase in credit and debit card USD limits is expected, making it easier for businesses to access foreign currency in the future.