President Dr. Mohamed Muizzu says the government will continue to implement the new MMA dollar regulations and that all must follow the new regulations.
He made these remarks whilst speaking at the official reception to commemorate one year in office.
Speaking directly to resort owners who have expressed their refusal to abide by the new regulation which would make category A tourist establishments convert current at the bank at the rate of USD 500 per tourist based on total monthly arrival.
Category ‘A’ includes tourist resorts, integrated tourist resorts, and resort hotels operating in the Maldives that are required to pay Green Tax for their tourist arrivals.
Speaking at the Youth Centre Hall tonight, President Dr Muizzu detailed the Government's proposed solutions to the dollar issue. He noted that currently only 1.5 percent of tourism sector revenue is being converted to banks.
To address this, he said that with new MMA regulation changes, it is expected that 20 percent of dollars will be converted to banks starting in January.
As a result of these strategic efforts, Government companies will be able to access dollars at bank rates. He further announced that by the first quarter of 2026, travelers will have the opportunity to purchase up to USD 1,000 at bank rates, whilst credit card limits would be increased to USD 1,400.
Starting in July, the Government will increase the dollar allocation for TT (Telegraphic Transfer) through banks for local businesses importing goods.
