Srilanka, Sept. 30 -- On 31 August 2026, President Mohamed Muizzu signed the First Amendment to the Foreign Currency Act into law, alongside six other pieces of legislation. The amendment came into force the very next day, on 1 September 2026. Buried in the fine print of a busy legislative week is a change that could reshape the competitive map of Indian Ocean tourism.

The headline number is stark, the mandatory foreign-currency conversion obligation for Category A Tourism Establishments, resorts, hotels and tourist vessels has doubled, from 20% to 40% of monthly gross sales. The amendment also scraps the old per-arrival option (USD 500 per tourist), raises the revenue threshold for "high-income entity" status from USD 15 million to USD...