The new terminal at Velana International Airport will feature designated areas for banks to establish foreign currency exchange counters, simplifying the process for both tourists and businesses to exchange money, according to Ahmed Munawar, Governor of the Maldives Monetary Authority (MMA).

Governor Munawar explained all banks operating in the Maldives will be able to set up counters at the new terminal, making it more convenient for both locals and tourists to access foreign currency exchange services.

This move is also designed to offer businesses more flexibility when exchanging foreign currency, and the Governor pointed out that this practice is already in place in many countries.

He emphasised that the goal of the new foreign currency reforms is to not only to hold banks accountable but also to ensure foreign exchange services are easily accessible to those who need them most.

Currently, there is a foreign exchange counter at the airport for departing passengers to buy currency, and a BML counter at the arrivals area. However, with the new terminal, more banks will be able to offer these services, improving convenience for everyone.