Muizzu Stands Firm on Controversial Forex Policy Despite Industry Backlash

President Mohamed Muizzu reaffirmed his commitment to the MMA's controversial foreign exchange rules, which will take effect on 1 January 2025. The rules require resorts to exchange US$500 per guest and guesthouses US$25 per guest at local banks. Over 50 resorts have formally rejected the regulation. President Muizzu dismissed opposition and announced plans to table Forex legislation in Parliament. He indirectly criticized industry leaders, including Mohamed Moosa and Mohamed Umar Maniku, who described the mandate as unworkable.

President Mohamed Muizzu reaffirmed his commitment to the MMA's controversial foreign exchange rules, which will take effect on 1 January 2025. The rules require resorts to exchange US$500 per guest and guesthouses US$25 per guest at local banks. Over 50 resorts have formally rejected the regulation. President Muizzu dismissed opposition and announced plans to table Forex legislation in Parliament. He indirectly criticized industry leaders, including Mohamed Moosa and Mohamed Umar Maniku, who described the mandate as unworkable.

President Mohamed Muizzu reaffirmed his commitment to the MMA's controversial foreign exchange rules, which will take effect on 1 January 2025. The rules require resorts to exchange US$500 per guest and guesthouses US$25 per guest at local banks. Over 50 resorts have formally rejected the regulation. President Muizzu dismissed opposition and announced plans to table Forex legislation in Parliament. He indirectly criticized industry leaders, including Mohamed Moosa and Mohamed Umar Maniku, who described the mandate as unworkable.

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