The Maldives Monetary Authority (MMA) has begun publicly identifying entities that have failed to comply with foreign currency exchange regulations under the Foreign Exchange Act enacted in 2024.

In a formal press statement issued today, the central bank revealed that two major resorts categorized under ‘Category A’ have failed to exchange any foreign currency to date. The non-compliant entities were identified as Rahaa Resort and South Palm Resort Maldives.

The MMA has urged all parties obligated under the law to adhere to statutory requirements and exchange the mandated amounts of foreign currency. Furthermore, the authority issued a final call for entities that have not yet registered under the Act to do so immediately, noting a particularly low registration rate among those in ‘Category B’.

While acknowledging that a majority of resorts are currently in compliance, the MMA clarified that entities seeking reviews of their specific exchange quotas are not exempt from their existing legal obligations. This public naming marks an escalation in the central bank’s efforts to enforce monetary policy and stabilize the domestic foreign exchange market.