Statistics from the central bank, Maldives Monetary Authority (MMA), reveal that nearly USD 2 billion of the revenue generated by the Maldivian tourism sector last year did not enter the local banking system.

According to figures shared with the media today by the MMA, tourism businesses generated a total revenue of USD 5.7 billion last year. However, only USD 3.8 billion of that amount was deposited into banks operating in the Maldives, representing 68 percent of total sector earnings.

MMA stated that a total of USD 1.8 billion was converted through local banks last year, with 21 percent converted under the Foreign Exchange Act. Additionally, MMA sold an average of USD 768.5 million to commercial banks over the past year.

Furthermore, MMA highlighted that foreign currency conversions at banks have increased by 21 percent since mandatory dollar exchange rules were imposed on resorts. In addition, banking inflows from tourism revenue grew by 68 percent over the past year.