The Maldives Monetary Authority (MMA) on Monday reminded that, in line with the amendment to the Foreign Exchange Act, a portion of foreign currency income must be converted before this Wednesday.
In a press release, the MMA said that under Article 10 of the Foreign Exchange Act, a portion of the foreign currency income received in each calendar month must be converted before the 28th of the following month. The authority also said that the names of parties that fail to meet this obligation by the deadline will be publicly disclosed under the established procedure.
Under the amendment, which took effect on 1 September, resorts are required to convert 40 percent of their foreign currency income through banks in the Maldives every month. Previously, resorts were required to convert 10 percent of their income.
However, there has been no change to the amount guesthouses are required to convert. They are still required to convert USD 25 per tourist or 20 percent of their total income.
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