Over 50 resorts refuse to comply with the change in foreign exchange rules

Nov 14, 2024, 5:16 AM
Senior officials of MATI. -- Photo: MATI

Senior officials of MATI. -- Photo: MATI

Many resorts have refused to comply with the change in foreign exchange rules brought by the Maldives Monetary Authority (MMA) to force tourist facilities to exchange dollars in banks in the Maldives.

The deadline for registration of such establishments with the MMA was October 30 under the rules gazetted by the MMA on October 1, requiring resorts to deposit USD 500 per tourist and USD 25 per tourist visiting guesthouses.

A senior tourism industry official told Adhadhu that more than 50 resort operators have sent letters to the MMA saying they will not comply with the rules.

Adhadhu has also received copies of letters sent to the MMA by some resorts and resort groups.

Among them was a copy of a letter signed by Champa Mohamed Moosa (Uhchu) who owns many resorts in Maldives. Apart from the MMA, the letter has also been addressed to the President's Office, Parliament, Tourism Minister and Maldives Association for Tourism Industry (MATI).

Most letters said the rules does not meet the realities of the industry and the economic situation in the Maldives. The financial consequences of this change are also included in detail with calculations.

"We trust the government will take immediate action as requested herein and hope to undertake a constructive dialogue that will allow us to continue to support the Maldives as the leading tourism destination in an extremely competitive global market," the letter from Champa Uhchu stated.

Before the change, the MMA held meetings with businesses in the tourism industry. The MMA and the industry also proposed formulas to increase dollars in the Maldives economy.

However, a senior tourism businessman who attended the meeting said the government had not accepted any of the proposals made by the industry stakeholders.

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