President Dr. Mohamed Muizzu's tourism advisor Mohamed Khaleel has been appointed to the government's economic council amid rumours of his imminent resignation over the new foreign exchange rules.
In a letter addressed to the Maldives Monetary Authority (MMA) last week, Khaleel, who is also the Managing Director of Pulse Hotels & Resorts, said the rules do not meet the realities of the industry and the economic situation.
Pulse Hotels & Resorts operates Nautilus Maldives, Kandima Maldives, Nova Maldives and Avalon Maldives.
Khaleel's appointment to the Economic Council comes as the majority of tourism industry stakeholders and politicians have rejected the new policy with more than 50 resort operators sending letters to the MMA.
Khaleel could not be reached for comment.
On Sunday night, Muizzu criticized resort owners for their rejection of the new foreign exchange rules warning that the rules would not be changed for tourism pioneers acting upon political influence.
"We are not going to change this rule. We will not change it. I'm saying this very clearly, we will not change this rule. They will have to exchange 500 dollars. It is compulsory for everyone to follow this rule," he warned.
MMA introduced new rules on October 1 to force tourist facilities to change dollars at a fixed rate for every tourist visiting the country as part of measures to solve the dollar shortage problem.
Apart from Khaleel, Universal Enterprises Chairman Mohamed Umar Manik (MU Manik) and Champa Mohamed Moosa (Uchchu) have also sent similar letters to MMA.
The changes were brought to the Foreign Currency Regulation and Money Changing Business Regulation.
Under the changes, all transactions in Maldives must be done in Maldivian Rufiyaa. But many exceptions were given to businesses earning revenue in foreign currency.
While the rules require the total income to be deposited in banks, a certain amount has to be changed. The amount is USD 500 for each tourist visiting resorts, integrated resorts, resort hotels, hotels, tourist vessels and other such places.
The amount set for guesthouses and hotels in inhabited islands with less than 50 rooms is USD 25 per tourist.
