Universal Enterprises Raises Concerns Over New Foreign Exchange Rules in Letter to MMA

Mohamed Umar Maniku, chairman of Universal Enterprises, formally opposed the MMA's new regulation requiring resorts to convert US$500 per tourist to Maldivian Rufiyaa, warning it could undermine resort operations and the economy. In a letter to MMA Governor Ahmed Munawar, Maniku argued that most resort expenses are in USD, making the fixed conversion impractical. Similar concerns were voiced by Mohamed Moosa of Crown & Champa Resorts. The MMA has not responded publicly.

Mohamed Umar Maniku, chairman of Universal Enterprises, formally opposed the MMA's new regulation requiring resorts to convert US$500 per tourist to Maldivian Rufiyaa, warning it could undermine resort operations and the economy. In a letter to MMA Governor Ahmed Munawar, Maniku argued that most resort expenses are in USD, making the fixed conversion impractical. Similar concerns were voiced by Mohamed Moosa of Crown & Champa Resorts. The MMA has not responded publicly.

Mohamed Umar Maniku, chairman of Universal Enterprises, formally opposed the MMA's new regulation requiring resorts to convert US$500 per tourist to Maldivian Rufiyaa, warning it could undermine resort operations and the economy. In a letter to MMA Governor Ahmed Munawar, Maniku argued that most resort expenses are in USD, making the fixed conversion impractical. Similar concerns were voiced by Mohamed Moosa of Crown & Champa Resorts. The MMA has not responded publicly.

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