The Maldives Monetary Authority (MMA) has introduced changes to the Foreign Currency Regulation and Money Changing Business Regulation, mandating that tourism businesses exchange a fixed amount of USD for every tourist visiting the country to address the dollar shortage. Resorts and similar facilities are now required to exchange USD 500 per tourist, while guesthouses and hotels with fewer than 50 rooms must exchange USD 25 per tourist. The new regulation aims to increase foreign exchange inflows into the banking system.

According to MMA, the regulations were formed after consultations with tourism stakeholders, but the Maldives Association of Tourism Industry (MATI) disputed this claim, stating that their concerns were not addressed. MATI noted that while they attended a meeting with MMA, none of the suggestions were reflected in the final version of the regulations.

Meanwhile, the main opposition Maldivian Democratic Party (MDP) Chairperson, Fayyaz Ismail, criticized the new rules, calling the policy commendable in principle but problematic in implementation. He warned that the mandatory dollar exchange rate would harm guesthouses and lower-tier resorts, potentially impacting the tourism sector's stability.

The MMA, however, maintains that the new measures will help alleviate pressure on the dollar market and streamline foreign currency management in the country. The regulations include fines between MVR 10,000 and MVR 1 million for non-compliance.

The regulation has sparked a debate among tourism stakeholders, with calls for broader consultation and adjustments to minimize impact on small and mid-range establishments.