The Maldives Association of Tourism Industries (MATI) has said that the Maldives Monetary Authority (MMA) amended the Foreign Currency Regulation and Money Changing Business Regulation without consultation with relevant stakeholders.
The changes announced on Tuesday require tourist facilities to change dollars based on the number of tourists. Resorts must change USD 500 for each tourist while guesthouses must change USD 25 for each tourist.
MMA said the changes were made after consultation with tourism stakeholders. However, in a statement issued today, MATI said it was untrue.
"Although the aforementioned press release indicates that these regulations were formulated after consultation with relevant stakeholders, we regretfully note that this did not occur as stated," MATI stated.
MATI said that the association attended a meeting at the request of the MMA and rejected the proposals presented by the central bank for inclusion in the new Foreign Currency Regulation.
"We note that when the regulation was gazetted, none of the concerns raised by this association were addressed by the MMA," the statement read.
Adhadhu understands that the MMA meeting with stakeholders was held last week. The tourism industry believes that more than one meeting should be held and their suggestions must be considered before such a major change is made.
MATI assured that the association "will always remain committed to cooperating in any matter that the country faces."
Under the new rules, tourism businesses have been given 30 days to register with the MMA. New businesses are also required to register at the MMA within 30 days of registration at the Maldives Inland Revenue Authority (MIRA).
