The Maldives Association of Tourism Industry (MATI) has expressed its dissatisfaction today, criticizing the Maldives Monetary Authority (MMA) for failing to address the association's concerns regarding the recently implemented regulations on tourism income and foreign currency exchange.
In a statement, MATI detailed that during their meeting with MMA, participants explicitly voiced their disagreement with the proposed changes to the foreign currency exchange regulations.
Press Release - Compulsory Exchange Controls - 2nd October 2024 pic.twitter.com/obAxYGw9ne
— Maldives Association of Tourism Industry (@matimaldivesmv) October 2, 2024
Despite their objections, MATI emphasized their commitment to cooperate with the government's needs.
According to MMA, the new regulations were developed following consultations with stakeholders. However, the association contends that their concerns were not adequately considered.
The regulations stipulate that all income generated from tourism must be deposited into local bank accounts, although MMA did not clarify how long these funds must be retained. Additionally, the regulations grant businesses the authority to charge for tourism-related goods and services in foreign currencies.
Under the new rules, all tourist facilities are required to exchange a specified amount of foreign currency through local banks. For resorts and tourist vessels, this amount is set at USD 500 per tourist, while smaller guesthouses and hotels must exchange USD 25 per guest.
Moreover, the money exchange regulations have revoked many previous concessions, imposing heavier fees on money exchange businesses.
