Maldives Monetary Authority (MMA) has introduced a foreign exchange bill that gives tourist establishments two options to exchange dollars with the central bank.
The bill submitted to the Parliament on Monday allows resorts to choose between exchanging USD 500 for each tourist or 20 percent of the monthly dollar income.
Tourist safaris, guesthouses and hotels also have the option to exchange USD 25 for each tourist or 20 percent of the monthly dollar income.
Some changes were also brought to the non-tourism businesses that earn income in dollars and are mandated to exchange dollars under the MMA regulations.
The draft bill which was opened for public consultation said all businesses with an income of more than USD 20 million must exchange 25 percent.
However, the bill submitted to the Parliament requires all businesses with incomes above USD 15 million to exchange 20 percent.
The government has made the changes after many tourism businesses expressed concern that it is not possible to exchange USD 500 per tourist.
