The Maldives Monetary Authority (MMA) has named two resorts that have failed to comply with the Foreign Currency Regulation.

The resorts are Rahaa Resort and South Palm Resort Maldives.

The MMA said 78 percent of resorts in the Maldives are fully complying with the regulation by exchanging the required amount of USD, while 20 percent are not meeting the required amount.

The central bank said several resorts that are not fully compliant have requested concessions but have been reminded of their legal obligations.

Among Category B establishments, including guesthouses, hotels, safari vessels and homestays, 48 percent are fully compliant. Meanwhile, 15 percent are not exchanging the required amount and 37 percent are not exchanging any USD.

For Category C establishments earning more than USD 15 million annually, 38 percent are exchanging foreign currency, while 33 percent are not meeting the required amount and 29 per cent are not exchanging any foreign currency.

The MMA said proposed amendments to the relevant legislation have been submitted to address requests for concessions from Category C establishments.

Under the regulation, the MMA receives 90 percent of the USD required to be exchanged, with 30 percent allocated to local banks to meet the foreign currency needs of the public and businesses.

The MMA said the foreign currency received is also used to finance imports of essential goods, fuel, gas and medicines.