The Maldives Monetary Authority (MMA) has publicly named two resorts that have failed to comply with the foreign currency law regarding the exchange of dollars to banks.

The two resorts are Raha Resort and South Palm Resort Maldives.

According to the MMA’s compliance report, while 78 percent of resorts in the Maldives fully met their obligation to exchange dollars, 20 percent of resorts did not do so adequately. In Category “B” — which includes small and medium-sized businesses such as guesthouses, hotels, safaris, and homestays — 48 percent exchanged dollars, while 37 percent did not exchange any at all. In Category “C,” which includes businesses earning more than 15 million dollars in annual revenue, this figure rises to 29 percent.

Under the law, 90 percent of the exchanged dollars are taken by the MMA, of which 30 percent is released to Maldivian banks. This money is used for importing food, meeting the essential needs of the public, and providing foreign currency to small and medium-sized enterprises.

While the official exchange rate is 15.42 rufiyaa per dollar, the black-market rate had risen to 22.10 rufiyaa at the start of this week. In the Maldives, which is almost entirely dependent on imports, the rising dollar price is also driving up the prices of goods in the market.