A new regulation has been published requiring all foreign currency earned from tourism in the Maldives to be deposited into local banks.

The regulation, gazetted on Tuesday, allows a 30-day period for existing businesses in the tourism sector, including those registered with the Maldives Inland Revenue Authority (MIRA), to reregister. New businesses registering with MIRA are also given a 30-day window to register with the Maldives Monetary Authority (MMA).

Tourism providers are mandated to submit details of the goods and services they offer to the MMA by October 28th. Additionally, the regulation stipulates that details of foreign currency earnings deposited into banks must be shared with other relevant authorities as directed by the banks.

This move aims to enhance transparency and ensure that tourism revenues contribute effectively to the local economy.