President to resort operators: $500 must be exchanged; won't amend rule

President Mohamed Muizzu on Sunday reiterated that the government will not amend the regulation requiring tourism businesses to deposit and exchange a significant portion of their foreign exchange earnings in local banks.

The statement was made during an event at the Social Centre marking the government's one-year anniversary.

President Muizzu addressed concerns raised by resort owners, who have opposed the rule mandating resorts to exchange $500 per tourist at a local bank.

"I will not change the rule; I have made it clear that I will not," President Muizzu stated. "Everyone must comply with the regulation. It is in accordance with the constitution and the laws."

The president further announced plans to introduce a dedicated Forex Act to support the Maldives Monetary Authority (MMA) in implementing the rule effectively.

Acknowledging the contributions of tourism industry pioneers, President Muizzu expressed gratitude to the sector's founders.

"Their services remain essential for the country. I urge others in the industry to follow their example and continue contributing to the development of tourism," he said.

He cautioned against allowing political influences to undermine the sector, emphasising that the government’s measures are in the best interest of the nation and its people.

"We are on the side of the people. It is critical to have the active cooperation of industry leaders in managing the country’s affairs," President Muizzu concluded.