The Maldives Monetary Authority (MMA) aims to transition all financial transactions conducted within the country entirely into Maldivian Rufiyaa by 2030, Governor Ahmed Munawar has stated.

Speaking at a joint press conference held at the President’s Office today regarding foreign exchange reforms, Governor Munawar emphasized that conducting all domestic transactions in the local currency has been a shared vision among all central bank governors.

Munawar highlighted that effective monetary policy depends directly on bolstering demand for the national currency, noting that if the Rufiyaa is not used in the domestic economy, there is little justification for the central bank’s existence. He reaffirmed that MMA's fundamental mandate is to strengthen demand for the Maldivian Rufiyaa.

Addressing foreign currency regulations, Munawar noted that consultations were held with state institutions and tourism sector stakeholders before deciding to raise the mandatory foreign currency surrender rate for resorts from 20 percent to 40 percent of revenue, emphasizing that the decision was well-considered and deliberate.

"We initially started with 20 percent as a trial. Our vision now is that by 2030, 100 percent of all transactions must be converted into Maldivian Rufiyaa. For instance, even when foreign tourists arrive in the Maldives, they will go to the exchange counter and obtain Maldivian Rufiyaa to spend," Munawar said.

Munawar added that the Maldives must operate as an economy where all commercial transactions are executed in Rufiyaa, emphasizing that employee salaries should also transition to local currency payouts.