President Dr. Mohamed Muizzu has stated that the amount of dollars circulating in the Maldivian banking system will increase when the "Foreign Currency Bill" drafted by the Maldives Monetary Authority (MMA) becomes law.

In a post on X today, the President said it was very good that the "Foreign Currency Bill" includes a provision requiring resorts to convert USD 500 from each tourist.

The President said it is important that the MMA has taken the initiative to create a foreign currency law to strengthen the implementation of the current foreign currency regulations. He thanked the MMA for doing so.

"Due to this law, USD 500 will be converted for every tourist coming to resorts. Additionally, as it includes provisions requiring dollar conversion if a certain amount of dollar income is received from non-tourism sectors as well, the dollars circulating in the banking system will increase more than previously estimated," the President said.

He said that due to the increase of dollars in the banking system, state-owned companies will be able to buy dollars at the official rate through the banking system instead of resorting to the black market. The President also said that from the first quarter of 2026, arrangements will be made for Maldivians departing from Velana International Airport (VIA) to receive USD 1,000.

Furthermore, the President said that credit card limits will also be increased in 2026, and the proportion of dollars released to banks for TTs for importers will be increased from July of next year.

Last night, the MMA released a draft bill titled "Foreign Currency Bill" for public comment. The draft bill includes two categories.

According to the draft "Foreign Currency Bill", Category "A", which includes resorts, hotels, and tourist vessels, will be required to convert USD 500 per tourist to a Maldivian bank. Category "B" guesthouses will be required to deposit and convert USD 25 per tourist each month to a bank.

In addition, the bill stipulates that entities not in the tourism sector that receive foreign currency equivalent to USD 20 million in a year must deposit an amount not exceeding 25 percent of their foreign currency income into a Maldivian bank account.

According to the draft bill, dollars do not need to be converted for tourists who do not spend 24 hours at the resort, children under two years old, and those who come as complimentary guests.