Bank of Maldives (BML) has announced the implementation of the mandatory exchange service through its Internet Banking platform for resorts, hotels, guesthouses, and other tourism-related businesses.

The announcement was made in compliance with the Foreign Currency Act (32/2024) and MMA Foreign Currency Regulation (2024/R-91) on Tuesday.

The country’s national bank revealed that businesses will be able to view a comprehensive activity report that enables them to track and review all mandatory transactions conducted through BML.

In addition to this, the bank revealed that USD will be exchanged at the bank's selling rate of MVR 15.42.

The online platform unveiled on Tuesday aims to streamline mandatory exchanges for the tourism sector, enhancing businesses to manage their currency exchanges conveniently and effectively while ensuring compliance with regulatory requirements.

The law requiring tourist businesses to convert USD 500 per tourist, which was recently introduced, came into effect on 1 January 2025. President Dr. Mohamed Muizzu ratified the Foreign Currency Bill on 14 December 2024.