MMA Extends Foreign Currency Conversion Deadline for Category A Establishments

The Maldives Monetary Authority (MMA) has revised the deadline for Category A tourism establishments to complete their required foreign currency conversion, providing a clearer monthly timeframe for businesses operating across the country’s resort sector.
Under the revised requirement, Category A establishments must complete the prescribed conversion before the 28th day of the following month. Category A covers major tourism establishments including tourist resorts, integrated tourist resorts, private islands, resort hotels and other similar accommodation establishments.
These establishments are required to convert 40 percent of their monthly gross sales received in foreign currency into Maldivian Rufiyaa. The requirement is intended to support greater circulation of foreign currency through the domestic financial system while ensuring that tourism businesses continue to contribute directly to the wider Maldivian economy.
The revised deadline is particularly relevant to the resort sector, which remains the backbone of the Maldives’ tourism industry and one of the country’s most important sources of foreign currency earnings. Resorts handle a substantial share of international visitor spending, and the updated monthly conversion schedule gives operators a defined period to complete their obligations following the end of each reporting month.
For resort operators, the requirement places greater importance on efficient monthly financial planning, including timely reconciliation of foreign currency sales, coordination with banks and management of Maldivian Rufiyaa liquidity for domestic expenditure. As resorts maintain extensive local operations involving employees, suppliers, transport providers and service companies, the conversion framework also strengthens the connection between tourism-generated foreign currency income and domestic economic activity.
The latest adjustment forms part of the Government’s broader efforts, implemented through the MMA, to strengthen the country’s foreign exchange framework and improve the availability of foreign currency within the formal banking system. With tourism continuing to play a central role in national economic growth, the policy is expected to support greater financial transparency and more structured foreign currency flows across the sector.
The Maldives currently has a large network of internationally recognised resorts serving travellers from key global markets. Maintaining a stable and well-regulated foreign exchange environment remains important for supporting investment, business confidence and the continued expansion of the country’s premium tourism industry.