President Dr. Mohamed Muizzu has emphasized that the newly passed Dollar Exchange Act will significantly increase the circulation of dollars within the Maldivian economy, benefiting the general public and small and medium-sized enterprises (SMEs). The President made these remarks in a post on his official X account today.
The law, which requires that USD 500 be exchanged for every tourist visiting resorts, is expected to enhance the availability of dollars in the banking system. President Muizzu welcomed the inclusion of mandatory dollar exchange requirements in the Foreign Currency Bill, which has been designed to strengthen the enforcement of foreign currency regulations.
The President further stated that if sectors beyond tourism generate a significant amount of dollar income, the requirement to exchange dollars would help increase the circulation of foreign currency within the banking system, surpassing previous estimates. He explained that these changes would make more dollars available for the general public and businesses, particularly SMEs, thus promoting economic stability and growth.
Additionally, President Muizzu outlined the Government’s ongoing efforts to improve dollar circulation and financial accessibility:
- Starting in July 2025, state-owned companies can obtain dollars at official rates without resorting to the parallel market.
- The USD 500 allowance for Maldivian travelers departing from Velana International Airport will be doubled to USD 1,000 in the first quarter of 2026.
- Credit card limits will also be increased in the first quarter of 2026.
From July 2025, the proportion of dollars released to banks for telegraphic transfers (TTs) for businesses importing goods will increase.
The President concluded his message by thanking the Maldivian public for their continued cooperation with the government’s efforts to implement these measures, designed to benefit individuals and businesses nationwide.
These steps are part of a broader strategy to regulate and strengthen the foreign exchange market, ensuring a more stable and transparent financial environment in the Maldives.
The law, which requires that USD 500 be exchanged for every tourist visiting resorts, is expected to enhance the availability of dollars in the banking system. President Muizzu welcomed the inclusion of mandatory dollar exchange requirements in the Foreign Currency Bill, which has been designed to strengthen the enforcement of foreign currency regulations.
The President further stated that if sectors beyond tourism generate a significant amount of dollar income, the requirement to exchange dollars would help increase the circulation of foreign currency within the banking system, surpassing previous estimates. He explained that these changes would make more dollars available for the general public and businesses, particularly SMEs, thus promoting economic stability and growth.
Additionally, President Muizzu outlined the Government’s ongoing efforts to improve dollar circulation and financial accessibility:
- Starting in July 2025, state-owned companies can obtain dollars at official rates without resorting to the parallel market.
- The USD 500 allowance for Maldivian travelers departing from Velana International Airport will be doubled to USD 1,000 in the first quarter of 2026.
- Credit card limits will also be increased in the first quarter of 2026.
From July 2025, the proportion of dollars released to banks for telegraphic transfers (TTs) for businesses importing goods will increase.
The President concluded his message by thanking the Maldivian public for their continued cooperation with the government’s efforts to implement these measures, designed to benefit individuals and businesses nationwide.
These steps are part of a broader strategy to regulate and strengthen the foreign exchange market, ensuring a more stable and transparent financial environment in the Maldives.
