Attorney General Al-Ustaz Ahmed Usham has stated that the government currently has no intention of introducing further amendments to the Foreign Currency Act.

Speaking at a press conference held at the President’s Office, the Attorney General said that the decision to increase the amount of foreign currency that tourism establishments are required to exchange to 40% was made following studies conducted by the central bank, the Maldives Monetary Authority (MMA), which indicated that such a change was necessary. As such, he stated that the government has no plans to propose additional amendments at this time.

Responding to a question from a journalist about whether the government was considering easing dollar exchange requirements to mitigate the potential impact on the Maldivian tourism sector amid global economic fluctuations, the Attorney General emphasised that the law had been formulated based on thorough research.

Under the amendment to the law, Category-A tourism establishments are required to exchange 40% of their total monthly foreign currency income into Maldivian Rufiyaa. Tourism sector businesses must begin complying with this change starting from October. Furthermore, the amendment stipulates that selling dollars at rates that deviate from those set by the MMA, as well as advertising such rates, constitutes a criminal offence.