President Dr Mohamed Muizzu has commented on proposed measures to improve dollar circulation in the Maldives’ banking system, including mandatory exchange requirements under the Maldives Monetary Authority’s (MMA) draft Foreign Currency Bill. The President shared his views on these developments in a post on his official X account.
Under the proposed regulations, resorts would be required to exchange USD 500 for every tourist arrival. President Muizzu indicated that similar requirements could be extended to sectors earning significant dollar revenue, potentially boosting dollar circulation within the banking system. He suggested that this could improve dollar availability for individuals and small and medium-sized enterprises (SMEs).
The President reiterated support for the MMA’s efforts to strengthen foreign currency regulations, stating that turning them into law would enhance enforcement and transparency.
In his post, President Muizzu outlined additional government initiatives aimed at addressing foreign currency challenges, including:
- Allowing state-owned enterprises to access dollars at official rates from July 2025, reducing reliance on informal markets.
- Doubling the current USD 500 travel allowance for Maldivians departing from Velana International Airport to USD 1,000 by the first quarter of 2026.
- Increasing credit card limits by early 2026.
- Expanding the availability of dollars for telegraphic transfers (TTs) to support Maldivian businesses importing goods starting in July 2025.
These proposals come amid ongoing consultations by the MMA to refine foreign currency policies and address challenges within the existing system. While the government has emphasised the potential benefits of these measures, including improved accessibility for businesses and individuals, their long-term impact remains to be seen.
As the draft bill progresses, public and stakeholder feedback will play a key role in shaping the final legislation.
