STO Chairman Amir Mansoor Hits Out at Government’s New Foreign Exchange Rule

STO Chairman Amir Mansoor criticized the government's new foreign exchange rule requiring resorts to exchange US$500 per guest into Maldivian Rufiyaa, effective 1 October. He stated businesses already bear high costs and he is 'not doing business to pay off political loans.' The rule, introduced by the MMA to channel forex to banks and replace a 37-year-old policy, has faced backlash from over 50 resorts. Tourism leaders Mohamed Moosa, Mohamed Umar Maniku, and Mohamed Khaleel also voiced concerns, with Pulse Hotels describing the rule as 'unfeasible' and 'arbitrary.'

STO Chairman Amir Mansoor criticized the government's new foreign exchange rule requiring resorts to exchange US$500 per guest into Maldivian Rufiyaa, effective 1 October. He stated businesses already bear high costs and he is 'not doing business to pay off political loans.' The rule, introduced by the MMA to channel forex to banks and replace a 37-year-old policy, has faced backlash from over 50 resorts. Tourism leaders Mohamed Moosa, Mohamed Umar Maniku, and Mohamed Khaleel also voiced concerns, with Pulse Hotels describing the rule as 'unfeasible' and 'arbitrary.'

STO Chairman Amir Mansoor criticized the government's new foreign exchange rule requiring resorts to exchange US$500 per guest into Maldivian Rufiyaa, effective 1 October. He stated businesses already bear high costs and he is 'not doing business to pay off political loans.' The rule, introduced by the MMA to channel forex to banks and replace a 37-year-old policy, has faced backlash from over 50 resorts. Tourism leaders Mohamed Moosa, Mohamed Umar Maniku, and Mohamed Khaleel also voiced concerns, with Pulse Hotels describing the rule as 'unfeasible' and 'arbitrary.'

This story involves 1 source and may affect public understanding of foreign exchange regulation / tourism.