President Dr Mohamed Muizzu has ratified the 1st Amendment to the Foreign Currency Act (Act No. 32/2024).

The Bill was passed by the 20th People’s Majlis during the 28th sitting of its second session of 2026, held on Wednesday, 26 August 2026. The President ratified the Bill at a special ceremony held at the President's Office today.

Under the Amendment, foreign currency may only be bought and sold at rates, or within bands, determined by the Maldives Monetary Authority (MMA). The business of foreign currency exchange may only be conducted under a licence issued by the Authority.

The Amendment revises the requirements applicable to businesses earning income in foreign currency. For businesses outside the tourism sector, the annual foreign currency income threshold at which the conversion requirement applies has been increased from USD 15 million to USD 25 million.

Category A tourism establishments are required to convert 40 per cent of their monthly gross sales, with the previous option of converting USD 500 per tourist removed. Category B tourism establishments are required to convert either USD 25 per tourist arrival or 20 per cent of their monthly gross sales.

Businesses outside the tourism sector earning more than USD 25 million annually in foreign currency are required to convert 40 per cent of their monthly gross sales through a bank. However, businesses that are 100 per cent Maldivian-owned are required to convert seven per cent of their monthly gross sales.

Amounts required to be converted under the Amendment must be deposited into a foreign currency account maintained with an MMA-licensed bank and converted through the bank by the 28th day of the following month.

The Amendment also establishes the sale, attempted sale or advertisement of foreign currency at a rate exceeding the rate or band determined by the MMA as a criminal offence. Penalties range from MVR 25,000 to MVR 1 million for individuals and from MVR 100,000 to MVR 5 million for legal persons.

The Amendment will come into force on 1 September 2026.