Parliament has passed the Foreign Currency Bill, which requires tourist facilities to conduct transactions in US dollars as part of efforts to address the country's foreign exchange challenges.

The bill, introduced by Inguraidhoo MP Ibrahim Falah on behalf of the Government, received overwhelming support, with 56 members voting in favour.

Under the Foreign Exchange Bill, resorts must exchange either USD 500 per tourist or 20 per cent of their foreign exchange income for the month through the local banking system.

Guesthouses, safari vessels, and other tourism-related facilities are required to exchange USD 25 per tourist or 20 per cent of their monthly foreign exchange income.

The Public Accounts Committee, which reviewed the bill in a closed session, approved it with two significant amendments. These include raising the age of exemption from 10 to 12 years and allowing resorts facing financial difficulties to exchange less than 20 per cent of their foreign exchange revenue, subject to approval by the Maldives Monetary Authority (MMA).

During parliamentary debates, lawmakers stressed the importance of adopting a unified, national approach to resolve the country’s foreign exchange crisis.