President Dr Mohamed Muizzu announced that banks have received over USD 25 million in conversions this month under the Foreign Currency Act, which mandates tourism businesses to convert a portion of their earnings. Speaking at a meeting in Haa Alif Hoarafushi, he stated that most resorts are complying with the regulation and assured that non-compliant entities will face enforcement measures. He reiterated that sustained conversions would resolve the Maldives' foreign currency shortages, improve dollar accessibility for businesses and students, and lead to policy adjustments, including increased travel allowances and expanded credit card limits by 2026.