The Bank of Maldives (BML) has introduced a dedicated online platform designed to simplify foreign currency exchanges for businesses in the tourism sector.

The initiative aims to provide greater convenience in meeting the requirements set out in the Foreign Currency Act, which was ratified in December last year.

Under the Act, tourism-related businesses, including resorts, guesthouses, and other establishments, are required to exchange a portion of their foreign currency earnings through local banks. This obligation, as outlined in the Foreign Currency Act and the MMA Foreign Currency Regulation, also applies to all entities registered with the Maldives Inland Revenue Authority (MIRA) for Green Tax, such as hotels, liveaboards, and safari vessels.

To support these requirements, BML’s platform offers businesses a comprehensive solution, including the ability to track and review their mandatory transactions through detailed activity reports. These features are designed to enhance transparency and simplify the compliance process for stakeholders in the tourism industry.

BML has confirmed that US dollars will be exchanged at the Bank’s selling rate of MVR 15.42.