meta_id 3419900

On August 12, 2026, the Maldives Monetary Authority (MMA) proposed amendments to Law No. 8/2021 (National Payment System Act) and Law No. 32/2024 (Foreign Currency Act) . The MMA is advancing these amendments to strengthen the regulatory framework governing payment systems and foreign exchange operations in Maldives. The proposed changes aim to safeguard the stability and integrity of the financial system, strengthen the domestic foreign exchange market, and ensure that legislative frameworks remain responsive to evolving market conditions and operational requirements. The main proposed changes to the Foreign Currency Act are: Resorts would face a stricter FX conversion requirement. Category A tourism businesses would lose the option to convert US$500 per tourist and instead be required to convert 20 percent of monthly foreign-currency gross sales through a local bank. Category B tourism businesses, such as guesthouses, hotels and tourist vessels, would retain the choice between converting US$25 per tourist or 20% of monthly foreign-currency gross sales. The threshold for non-tourism businesses subject to the rules would be increased to US$25 million in annual foreign-currency earnings. The MMA would also gain greater flexibility to prescribe lower conversion percentages depending on factors such as the business sector and ownership structure. Businesses subject to the Foreign Currency Act would have to designate an account at a Maldivian bank and deposit their foreign-currency sales proceeds into that account, giving the MMA greater visibility over FX flows. Even though the National Payment System Act was also amended, details on the amendments to that Act are not available from official sources as of this writing.