President lauds decision on bill requiring USD 500 exchange

President Dr. Mohamed Muizzu has lauded the decision to require the exchange of USD 500 in the Foreign Currency Exchange Bill, calling it a positive step that will bring dollar prosperity to the general public and small and medium enterprises. The President expressed his views in a post on social media regarding the Maldives Monetary Authority (MMA)’s foreign currency exchange bill.

In the post, President Muizzu reiterated his earlier remarks from November 17, 2024, stressing the importance of the MMA initiating a Foreign Currency Exchange Act to strengthen enforcement. He affirmed that the rule, which mandates tourist establishments to exchange USD 500 per person, would remain in place and be enforced. He also mentioned that Parliament would pass a special “flex law” to address the ongoing foreign currency exchange shortage and provide further support to the MMA.

The President explained that the new law would require every resort establishment to exchange USD 500 per tourist visiting the resort. He added that if non-tourism sectors also generate significant dollar income, it would lead to an increase in dollar circulation within the banking system, surpassing previous expectations. This, he said, would help bring dollar prosperity to the general public and boost small and medium enterprises in the country.

He also highlighted several other measures. As such, from July 2025, government-owned companies will receive dollars at the official rate without needing to rely on the parallel market, the USD 500 per departing passenger at Velana International Airport (VIA) will be increased to USD 1,000 by the first quarter of 2026, the credit card limits will be raised in the first quarter of 2026 and from July 2025, a higher proportion of dollars will be allocated to banks for telegraphic transfers (TT) for importing goods, benefiting Maldivian businesses.

President Muizzu concluded his post by thanking the people of the Maldives for their cooperation in these efforts, emphasising that all actions taken are aimed at benefiting the people and supporting the nation’s economy.