BML Unveils Online Platform for Tourism Sector to Manage Foreign Currency Exchange

On Tuesday, Bank of Maldives (BML) introduced a new online platform aimed at easing the process for tourism businesses to exchange foreign currency earnings in line with the country’s newly implemented Foreign Currency Law (Forex Law).

The platform, available through BML's Internet Banking service, is designed specifically for resorts, hotels, guesthouses, and other businesses within the tourism sector. This new service enables businesses to manage mandatory foreign currency exchanges efficiently, ensuring compliance with the regulations under the Forex Law.

As part of the service, businesses can also track their transactions through a comprehensive activity report, which helps monitor and review all mandatory currency exchanges. The platform will exchange USD at the bank’s selling rate of MVR 15.42.

The Forex Law, ratified by President Dr. Mohamed Muizzu in December 2024, mandates that businesses in the tourism sector exchange a portion of their foreign earnings through local banks. This requirement aims to streamline currency exchange processes and ensure that foreign currency transactions are regulated. The law further stipulates that businesses must conduct all domestic transactions in Maldivian Rufiyaa, except in cases defined by law.

The law divides tourism businesses into three categories, each with different exchange requirements:

  • Category A: Includes resorts and integrated tourist resorts. These businesses must exchange either USD 500 per tourist per month or 20% of their monthly sales.


    • Category B: Includes hotels, guesthouses, and tourist vessels, which must exchange USD 25 per tourist per month or 20% of their monthly sales.


      • Category C: Businesses with annual foreign currency transactions exceeding USD 15 million must exchange 20% of their gross sales.


        • Additionally, businesses must register with the Maldives Monetary Authority (MMA) and submit regular sales reports. The new platform from BML will make it easier for businesses to meet these requirements, improving efficiency in foreign currency exchange and helping them comply with the law.

        Through this initiative, BML is offering a more convenient and streamlined way for tourism businesses to manage their currency exchanges, ensuring that the Maldives continues to regulate its foreign currency flows in a transparent and efficient manner.