President Dr. Mohamed Muizzu has 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.

Maldives Monetary Authority (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.

But the majority of industry stakeholders and politicians have rejected the new policy with more than 50 resort operators sending letters to the MMA saying they will not comply with the new rules.

At a rally held on Sunday night to mark his government's first anniversary, President Muizzu challenged those who opposed his dollar exchange policy and insisted that the rules would not be changed.

"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.

He claimed that this was being done in accordance with the Constitution and that a foreign exchange law would be introduced through the Parliament to give legal authority to the new rules.

Accusing the tourism industry pioneers of rejecting the dollar exchange rules under political influence, Muizzu advised them not to be impacted by politicians who do not wish well for the country and who are not on the side of the people.

The resort operators who rejected the new rules include the President's tourism advisor Mohamed Khaleel who is also the Managing Director of Pulse Hotels & Resorts.

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.