The Bank of Maldives (BML) has unveiled an innovative online portal to facilitate mandatory USD exchanges for businesses in the tourism sector. This new feature, integrated into BML’s Internet Banking platform, aims to simplify currency exchange processes for resorts, hotels, guesthouses, and other tourism-related establishments, ensuring compliance with the recently implemented Foreign Currency Act.
The portal offers a user-friendly interface where businesses can monitor and review their mandatory transactions through a detailed activity report. USD exchanges will be conducted at the bank’s set selling rate of MVR 15.42, providing transparency and convenience to users.
The Foreign Currency Act, which came into effect on January 1, categorizes tourist establishments into two groups with specific requirements for USD exchanges.
- Category A includes registered resorts, integrated tourist resorts, and private islands. These establishments are required to exchange either USD 500 per tourist or 20% of their monthly revenue.
- Category B consists of registered tourist vessels, hotels, and guesthouses, which must exchange either USD 25 per tourist or 20% of their monthly revenue.
The legislation aims to alleviate the Maldives’ ongoing USD crunch by channeling more foreign currency into the banking system.
BML highlighted that the online portal is designed to streamline this mandatory process, making it easier for businesses to comply with regulations while managing their currency exchanges efficiently. The platform is expected to enhance the operational ease for businesses, contributing to the overall stability of the nation’s financial system.
For further details about the portal and its functionalities, interested parties are encouraged to visit BML’s website.
This initiative reflects BML’s continued efforts to support the tourism sector, a cornerstone of the Maldivian economy, by providing tailored financial solutions that address industry-specific challenges.
