The Maldives Monetary Authority has taken action against Raha Resort and South Palm Resort Maldives for failing to meet mandatory foreign currency exchange obligations. It called on all entities covered by the Foreign Currency Act to exchange the required amount of U.S. dollars in accordance with applicable laws and regulations. The authority also directed businesses that have not registered under the act, particularly Category B entities, to register without delay, describing this as their final opportunity. It noted that many resorts were not following the legal framework and reminded entities seeking a review of their required foreign currency exchange amount that they must continue to meet their obligations under the prescribed procedures.
2026-08-23Maldives Monetary Authority
Maldives Monetary Authority takes action against two resorts over unmet foreign currency exchange obligations
The Maldives Monetary Authority has taken action against Raha Resort and South Palm Resort Maldives for failing to meet mandatory foreign currency exchange obligations. It also issued a final registration warning to unregistered entities, particularly those in Category B, and reminded businesses to comply with the applicable exchange requirements.