Fayyaz Voices Concerns Over New Foreign Exchange Regulations for Tourism Industry

Fayyaz Ismail, opposition leader and MDP chairperson, criticized the MMA's new foreign exchange regulations for tourism, which require establishments to deposit foreign earnings and exchange fixed USD amounts per tourist (US$500 for resorts/safari boats, US$25 for guesthouses). He called for a review, proposing a percentage-based policy, warning that the fixed amounts would devastate small businesses. He urged broader stakeholder discussions and additional measures to address the dollar shortage, such as reducing government expenditure and improving oversight.

Fayyaz Ismail, opposition leader and MDP chairperson, criticized the MMA's new foreign exchange regulations for tourism, which require establishments to deposit foreign earnings and exchange fixed USD amounts per tourist (US$500 for resorts/safari boats, US$25 for guesthouses). He called for a review, proposing a percentage-based policy, warning that the fixed amounts would devastate small businesses. He urged broader stakeholder discussions and additional measures to address the dollar shortage, such as reducing government expenditure and improving oversight.

Fayyaz Ismail, opposition leader and MDP chairperson, criticized the MMA's new foreign exchange regulations for tourism, which require establishments to deposit foreign earnings and exchange fixed USD amounts per tourist (US$500 for resorts/safari boats, US$25 for guesthouses). He called for a review, proposing a percentage-based policy, warning that the fixed amounts would devastate small businesses. He urged broader stakeholder discussions and additional measures to address the dollar shortage, such as reducing government expenditure and improving oversight.

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