The Maldives Monetary Authority (MMA) has introduced a new Foreign Currency Bill offering tourist establishments a choice between exchanging USD 500 per tourist or 20% of their monthly revenue. This change comes after concerns from the tourism sector about the fairness of the original fixed exchange requirement.

Previously, resorts were required to exchange USD 500 per tourist, while guesthouses had to exchange USD 25. Despite criticism, President Dr. Mohamed Muizzu confirmed in November that the exchange rule would not change. However, the updated bill allows more flexibility, particularly with a second option for establishments to exchange a percentage of their monthly revenue.

The bill also exempts certain tourists, such as those staying less than 24 hours or children under 10. Additionally, non-tourism businesses with over USD 15 million in annual USD revenue will be required to exchange a percentage of their monthly income.

MMA Governor Ahmed Munawar emphasized that these changes will not significantly affect the projected USD influx into the Maldives' banking system. The bill also categorizes establishments into two groups: resorts/private islands and guesthouses/hotels, with different exchange requirements for each.