Resorts mandated to exchange USD 500 per tourist

A regulation publicized on Tuesday will mandate tourist establishments to exchange US Dollars from a local bank at a dedicated rate for each tourist they serve. 

As per the regulation gazetted tonight, Category A tourist establishments must exchange US Dollars from a local bank at a rate of USD 500 per tourist for every arrival in a month before the 28th day of the third month following each respective month, 

Meanwhile, Category B tourist establishments must exchange US Dollars from a local bank in the same manner, however, at a rate of USD 25 per tourist.

Category A tourist establishments include resorts, integrated resorts, resort hotels, and hotels in operation in the Maldives that are levied Green Tax.

Category B tourist establishments include guesthouses and hotels in residential areas with 50 or less rooms that are levied Green Tax.

Failure to adhere to the regulations can result in a fine between MVR 5,000 and MVR 1 million.