The amount of dollars deposited by resorts in banks is declining year-on-year, the Maldives Monetary Authority (MMA) has said.
The tourism sector generated $4.5 billion in revenue from resorts last year, of which $2.3 billion were deposited in banks. Comparatively, in 2019, resorts generated $3.4 billion in revenue, with $2.5 million (74 percent of the revenue) deposited to local banks.
Meanwhile, the amount of dollars sold by resorts to banks has also declined. Last year, resorts sold $68 million to banks, compared to $153 million in 2019.
Despite the decline in bank deposits, tourism revenue for resorts is increasing.
