Muizzu’s Top Tourism Advisor Joins Growing Opposition to Foreign Exchange Regulation

Mohamed Khaleel, Advisor to the President on Tourism Development and Managing Director of Pulse Hotels & Resorts, joined growing opposition to the Maldives Monetary Authority's new foreign exchange regulation. In a letter to MMA Governor Ahmed Munawar, Khaleel argued the requirement for "A" category resorts to exchange US$500 per guest into Maldivian Rufiyaa is "practically impossible" and unsustainable for his company. The regulation, effective 1 October, replaces a 37-year-old policy. Industry leaders Mohamed Moosa of Crown & Champa Resorts and Mohamed Umar Maniku of Universal Group also objected, calling the rule arbitrary and unfeasible. Over 50 resorts have formally objected, but the government has not responded.

Mohamed Khaleel, Advisor to the President on Tourism Development and Managing Director of Pulse Hotels & Resorts, joined growing opposition to the Maldives Monetary Authority's new foreign exchange regulation. In a letter to MMA Governor Ahmed Munawar, Khaleel argued the requirement for "A" category resorts to exchange US$500 per guest into Maldivian Rufiyaa is "practically impossible" and unsustainable for his company. The regulation, effective 1 October, replaces a 37-year-old policy. Industry leaders Mohamed Moosa of Crown & Champa Resorts and Mohamed Umar Maniku of Universal Group also objected, calling the rule arbitrary and unfeasible. Over 50 resorts have formally objected, but the government has not responded.

Mohamed Khaleel, Advisor to the President on Tourism Development and Managing Director of Pulse Hotels & Resorts, joined growing opposition to the Maldives Monetary Authority's new foreign exchange regulation. In a letter to MMA Governor Ahmed Munawar, Khaleel argued the requirement for "A" category resorts to exchange US$500 per guest into Maldivian Rufiyaa is "practically impossible" and unsustainable for his company. The regulation, effective 1 October, replaces a 37-year-old policy. Industry leaders Mohamed Moosa of Crown & Champa Resorts and Mohamed Umar Maniku of Universal Group also objected, calling the rule arbitrary and unfeasible. Over 50 resorts have formally objected, but the government has not responded.

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