More than 50 resorts sent formal letters to the Maldives Monetary Authority refusing to comply with a new foreign currency regulation effective 1 October, which requires dollar exchanges per guest and registration by 30 October. Tourism bodies and industry leaders criticised the rule as arbitrary and unfeasible, while the government has not publicly addressed the protests.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The rule, introduced on 1 October and marking the end of a 37-year-old foreign exchange policy, mandates that all transactions in the Maldives be conducted in Maldivian Rufiyaa (MVR)
Word for word from the report in Maldives Republic. Open the report
disastrous domino effects
The rule does not meet the realities of the industry and the economic situation in the Maldives
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
It requires “A” category tourist establishments, such as resorts, to exchange at least $500 per guest, while “B” category guesthouses must exchange $25 per tourist monthly.
Word for word from the report in Maldives Republic. Open the report
while “B” category guesthouses must exchange $25 per tourist monthly.
Word for word from the report in Maldives Republic. Open the report
The rule, introduced on 1 October and marking the end of a 37-year-old foreign exchange policy, mandates that all transactions in the Maldives be conducted in Maldivian Rufiyaa (MVR)
Word for word from the report in Maldives Republic. Open the report
Resorts had until 30 October to register with the MMA under this regulation.
Word for word from the report in Maldives Republic. Open the report
Following Moosa’s letter, it has now emerged that over 50 resorts have independently protested the rule in letters to the MMA, declaring their refusal to comply.
Word for word from the report in Maldives Republic. Open the report
Prior to the implementation of the rule, the MMA held a meeting with industry representatives, during which both the authority and the tourism sector proposed formulas for dollar exchange.
Word for word from the report in Maldives Republic. Open the report