Resorts expected to exchange around USD 40mn in Jan

4 days ago

Tourist resorts are expected to exchange between USD 30 million and USD 40 million in revenue generated in October at local banks this month, under new legislature that mandates tourist establishments and other select businesses to exchange a portion of USD revenue at Maldivian banks. The Foreign Currency Act, which took effect on January 1, categorizes tourist establishments into two types. Category-A