Businesses earning foreign currency deposited USD 670.8 million with local banks in 2025 after the Foreign Currency Act came into force, while the Maldives Monetary Authority (MMA) supplied USD 1.1 billion to the foreign exchange market during the year.

The MMA’s annual report stated that 182 tourism-related businesses, including resorts, guesthouses, travel agencies and safari operators, registered under the regulations introduced in January 2025. Under the law, businesses that earn foreign currency must exchange a designated share of their earnings through banks, which in turn transfer 75 per cent of those funds to the central bank.

According to the MMA, the increase in foreign currency inflows through the banking system helped strengthen official reserves and enhanced the central bank’s capacity to support the foreign exchange market. The additional funds also allowed for greater foreign currency allocations to support imports and commercial activities.

The central bank released USD 1.1 billion in foreign currency during 2025, marking a 10 per cent increase from the previous year. Of this amount, USD 650 million was allocated to State-owned enterprises for fuel imports, essential goods, medicines, medical equipment and foreign debt repayments. A further USD 447.6 million was channelled through banks to assist businesses and individuals.

The MMA reported that total foreign currency support provided to the Government, businesses and individuals increased by 29 per cent compared with 2024, reflecting stronger demand for US dollars, higher spending on health-related assistance and the distribution of foreign currency collected under the Foreign Currency Act.