The Parliament has introduced the Foreign Exchange Bill, aimed at establishing comprehensive guidelines for the holding, deposit, and exchange of foreign currency in the Maldives.
The bill was presented by MP Ibrahim Falah, Inguraidhoo constituency, on behalf of the government. It seeks to streamline foreign exchange transactions and regulate the import and export of foreign currency to bolster economic stability.
Key provisions of the bill mandate that businesses in the tourism sector deposit foreign earnings into designated foreign exchange accounts within three months. Additionally, non-tourism businesses receiving at least $15 million in foreign currency annually are also required to deposit their earnings into local banks.
For Category A tourist establishments, the bill specifies that 20% of either total monthly tourist arrivals or foreign exchange earnings must be converted to Maldivian rufiyaa, calculated at $500 per tourist. Similarly, Category B establishments must convert 20% of earnings or tourist arrivals into rufiyaa at a rate of $25 per tourist.
The Foreign Exchange Bill aims to strengthen financial oversight, enhance the flow of foreign currency within the banking system, and support the country's broader economic policies. Parliamentary debate on the bill is expected in the coming weeks.
The bill was presented by MP Ibrahim Falah, Inguraidhoo constituency, on behalf of the government. It seeks to streamline foreign exchange transactions and regulate the import and export of foreign currency to bolster economic stability.
Key provisions of the bill mandate that businesses in the tourism sector deposit foreign earnings into designated foreign exchange accounts within three months. Additionally, non-tourism businesses receiving at least $15 million in foreign currency annually are also required to deposit their earnings into local banks.
For Category A tourist establishments, the bill specifies that 20% of either total monthly tourist arrivals or foreign exchange earnings must be converted to Maldivian rufiyaa, calculated at $500 per tourist. Similarly, Category B establishments must convert 20% of earnings or tourist arrivals into rufiyaa at a rate of $25 per tourist.
The Foreign Exchange Bill aims to strengthen financial oversight, enhance the flow of foreign currency within the banking system, and support the country's broader economic policies. Parliamentary debate on the bill is expected in the coming weeks.
