President Dr Mohamed Muizzu has ratified an amendment to the Foreign Currency Act that gives the Maldives Monetary Authority (MMA) greater control over foreign exchange rates and introduces new currency conversion requirements for businesses.
The Bill was passed by the Parliament at its 28th sitting of the second session of 2026 on 26 August. President Muizzu ratified the amendment at a ceremony at the President’s Office.
Under the amended law, foreign currency may only be bought and sold at rates, or within bands, set by the MMA. Foreign exchange businesses must also operate under a licence issued by the authority.
The amendment raises the annual foreign currency income threshold for non-tourism businesses subject to mandatory conversion from USD 15 million to USD 25 million.
For tourism businesses, Category A establishments must convert 40 percent of their monthly gross sales into Maldivian rufiyaa. The previous option to convert USD 500 per tourist has been removed.
Category B tourism establishments must convert either USD 25 per tourist arrival or USD 20 percent of their monthly gross sales.
Non-tourism businesses earning more than USD 25 million annually in foreign currency must convert 40 percent of their monthly gross sales through a bank.
However, businesses that are wholly Maldivian-owned will be required to convert only 7 percent of their monthly gross sales.
Foreign currency amounts subject to conversion must be deposited into a foreign currency account held with an MMA-licensed bank. The currency must then be converted through the bank by the 28th day of the following month.
The amendment also makes it a criminal offence to sell, attempt to sell or advertise foreign currency at a rate above the rate or band set by the MMA.
Individuals found guilty can face fines ranging from USD 1,622 to USD 64,851, while legal entities can be fined between USD 6,485 and USD 324,254.
The amendment will come into force on 1 September 2026.