The Parliamentary Public Accounts Committee has approved sweeping Foreign Exchange Act amendments that criminalize the sale and advertising of US dollars at rates outside the bands set by the Maldives Monetary Authority (MMA).
Members passed the bill by a majority of those present. The committee had received it back for a second review before the vote.
What the Fines Look Like
The revised law builds a tiered penalty structure, and it expressed every figure in US dollars rather than Rufiyaa.
Anyone who sells foreign currency outside the official MMA bands faces a fine of USD 1,620 to USD 64,800. The same range applies to an attempted sale. Regulators will scale the penalty to the seriousness of the breach.
Advertising carries its own price. Promoting or circulating information that encourages transactions at non-compliant rates attracts a fine of USD 1,620 to USD 32,400.
Companies face heavier exposure. A corporate entity caught buying, selling or advertising foreign exchange at unauthorized rates risks penalties from USD 6,480 up to USD 324,200.
The Case From the Floor
Funadhoo MP Mohamed Mamdhooh moved the amendments.
Mamdhooh argued that transparent, regulated exchange rates protect a tourism-driven economy. He framed the measure as a shield for consumers against profiteering.
The reasoning tracks a familiar Maldivian problem. Dollars earned at the resort gate do not always reach the formal banking system, and a parallel market has long filled the gap at rates the MMA does not set.
Where the Dollars Must Land
The Foreign Exchange Act amendment sit on top of an earlier provision in the same bill, and that provision does the structural work.
All foreign-currency earnings must go into an account at an MMA-licensed bank. The rule captures tourism operators and any entity that generated at least USD 25 million in foreign revenue during the previous calendar year. Account holders must report the details to the authority.
Category-A tourism establishments carry an additional obligation. They must convert 20% of their monthly foreign-currency earnings into Rufiyaa.
What It Means for Business
Resorts, guesthouses and large exporters now face a compliance burden with criminal weight behind it. Treasury teams will need to route revenue through licensed banks and document the flow.
Money changers and informal dealers face the sharper end. The advertising clause reaches beyond the transaction itself and touches anyone who publicizes a rate the MMA has not authorized.
The Foreign Exchange Act amendments now leave committee, and the People’s Majlis floor will decide what happens next.