President Dr Mohamed Muizzu has expressed his full support for the Maldives Monetary Authority's (MMA) Foreign Currency Bill. In a post on his official X account today, the President emphasised the significance of the MMA’s initiative in strengthening the Foreign Currency Act.

Referring to MMA's Bill, President Dr Muizzu announced that, in addition to requiring resorts to exchange USD 500 per tourist, MMA’s decision to mandate required entities in non-tourism sectors to exchange a percentage of their foreign currency earnings will enhance the circulation of dollars in the banking system, surpassing previous estimates.

He highlighted that this change will increase the availability of foreign currency to Maldivian citizens and small and medium-sized enterprises .

Additionally, President Dr Muizzu announced that the increase in foreign currency earnings resulting from the new legislation will allow State-Owned Enterprises to receive dollars at the official exchange rate, without needing to go through the parallel market.

The President also outlined several key changes that will take effect with the increase in foreign currency earnings, including: doubling the amount of USD available to Maldivian passengers departing from Velana International Airport, from USD 500 to USD 1,000; raising credit card limits for Maldivians; and increasing the proportion of dollars allocated to banks for telegraphic transfers (TT) to support Maldivian businesses.