Maldives enacts new foreign currency regulations for tourism to combat dollar shortage and stabilize economy.

The Maldives government has enacted new foreign currency regulations to combat a dollar shortage critical to its tourism-dependent economy. Effective October 1, the Maldives Monetary Authority mandates that all foreign currency earnings from tourism must be deposited in local banks, with most transactions required to occur in Maldivian Rufiyaa. Non-compliance could incur fines of up to MVR 1 million. The move aims to stabilize the economy amid rising debt concerns.

October 20, 2024
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