MATI says new dollar exchange rules 'unacceptable'
For resorts, $500 per guest must be exchanged. Guesthouses are required to exchange $25 per tourist.
Maldives Association of Tourism Industry (MATI) on Wednesday said it did not agree with a new foreign exchange rule requiring tourism businesses to exchange a portion of their revenue at a Maldivian bank, and that the association’s objections were not considered in the final version of the regulation.
In a statement issued following the Maldives Monetary Authority (MMA)'s enactment of the regulations on Tuesday, the organisation representing resort owners emphasised that the proposals presented by the authority during consultations were "not acceptable" to the association.
Despite this, none of MATI’s concerns were addressed when the regulation was gazetted, it added.
MATI expressed disappointment with MMA's claims that the regulations were formulated following consultations with stakeholders.
According to MATI, although a meeting had been held at the request of MMA, the association's feedback had been disregarded in the final drafting of the regulation.
"We assure all parties that this association will always remain committed to cooperating in any matter that the country faces," the statement read.
MMA on Tuesday introduced a new regulation requiring all foreign currency income generated by the tourism industry to be deposited in local banks.
As per the regulation, businesses active in the tourism industry and registered with the Maldives Inland Revenue Authority (MIRA) are required to re-register with MMA within 30 days. New registrants must also comply with this rule within the same timeframe.
Goods and service providers in the tourism sector are now required to submit details of their offerings to the MMA before the 28th of the following month.
The total foreign currency earnings must be deposited into a local bank’s foreign currency account, registered with MMA, within 87 days after the end of each month.
The regulation also specifies that transactions within the country must be conducted in Maldivian Rufiyaa, with certain exceptions. These include government-related transactions, remittances, foreign transactions, and sales to tourists, among others.
In a second regulatory change, MMA has amended the Foreign Currency Regulation, requiring tourism facilities to exchange a portion of their foreign currency earnings through local banks.
For resorts, hotels, and tourist vessels (Category A), $500 per guest must be exchanged.
Guesthouses (Category B) are required to exchange $25 per tourist.
