The Maldives Monetary Authority introduced the regulation on October 1, mandating that all foreign currency revenues generated by the tourism industry must be deposited in local banks

Maldives has introduced new rules requiring all foreign currency earnings from the tourism sector to be deposited in local banks. The regulation mandates transactions within the country to be in Maldivian Rufiyaa,

Maldivian economy appears to have taken a hit after calls to Indian tourists to avoid the picturesque island nation as a response to President Mohamed Muizzu's 'India Out' campaign last year.

Male: Dollar -starved Maldives has floated a new foreign currency regulation, limiting types of transactions allowed in foreign currency and imposing mandatory foreign currency exchange controls on tourism establishments and banks.

The Maldives has introduced new foreign currency regulations, requiring tourism operators to deposit foreign currency earnings in local banks and mandating currency exchange of at least USD 500 per tourist.

Maldives last month averted a potential default on an Islamic bond payment after India extended a USD 50 million interest-free loan.

This is the first time the Maldives, which saw 1.8 million tourist arrivals last year, has made such an exchange mandatory

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