By the end of January, tourism service providers had deposited over USD 50 million in local banks under the Foreign Exchange Regulations, surpassing initial estimates by the Maldives Monetary Authority (MMA).

MMA reported that official reserves reached USD 708.1 million at the end of January, reflecting a five percent increase from December 2024. The rise in reserves was attributed to higher foreign exchange receipts than expenditure during the month, with tax and fee revenues increasing by 12 percent compared to the previous month.

The central bank confirmed that 90 percent of resorts complied with the regulation requiring them to deposit foreign currency into the banking system. As per the rules, resorts must deposit USD 500 per tourist in a local bank, while guesthouses are required to deposit USD 25 per tourist. Alternatively, Category A resorts can choose to deposit either USD 500 per tourist or 20 percent of their gross monthly income, while Category B guesthouses have the option of depositing USD 25 per tourist or 20 percent of their monthly income.

Initially, MMA had projected total deposits for this period to range between USD 30 million and USD 40 million. However, actual deposits in January exceeded expectations, contributing to the overall growth in foreign exchange reserves.