Speaking on the ‘Rayyithunna Eku’ podcast, President Dr. Muizzu revealed that, so far in 2025, tourism operators have remitted USD 150 million to banks.
Presidents Office
Since the implementation of the new Foreign Exchange Regulation on January 1, 2025, the Maldives has experienced notable improvements in both its usable and total reserves. The regulation introduced a system where tourism industry operators played a larger role in managing the country’s dollar flow.
Under the new rules, resorts are required to deposit either a set percentage of their monthly revenues or USD 500 per tourist in a local bank. Similarly, guesthouses must deposit either a percentage of their revenues or USD 25 per tourist. As the tourism sector is the Maldives’ primary source of US dollars, generating significant monthly revenues, this policy was expected to bring about positive economic changes, especially amid the country’s ongoing dollar shortage.
The regulation aims not only to ease the foreign currency shortfall but also to help the government maintain a stable reserve level. By the end of January 2025, the impact of this policy was already evident, with President Dr. Mohamed Muizzu announcing that tourism service providers had deposited over USD 25 million into local banks in compliance with the new rules.
Recent reports indicate that this initial deposit was just the beginning. Speaking on the ‘Rayyithunna Eku’ podcast, President Dr. Muizzu revealed that, so far in 2025, tourism operators have remitted USD 150 million to banks. As a result, dollar remittances to banks have increased by 40 percent compared to previous figures. Additionally, the Maldives Monetary Authority (MMA) reports that the country’s usable reserves have risen to USD 179 million, while total reserves now stand at USD 832 million.
With approximately 95 percent of tourism operators complying with the regulation, the government is actively working to ensure full compliance from the remaining 5 percent. Authorities expect further positive changes in the economy as the policy continues to take effect throughout the year.
