Pres. expresses firm stance; “Forex regulation will not change, must be implemented”
Muizzu noted that the regulation ensure progress for the people and that it would not be changed
The President and his delegation pictured during a recent trip
President Dr. Mohamed Muizzu has asserted that the foreign currency regulation introduced for the tourism industry will not be changed and that it must be implemented in accordance with the regulation and principles.
He made these remarks while speaking at the “Week 52” ceremony held on Sunday night.
Speaking at the ceremony, Muizzu said that there are several individuals who have dedicated their work to the progress of the island nation’s tourism industry since 1970.
He went on to acknowledge their efforts and urge those who desire to progress in this field to draw inspiration from these individuals to move forward.
Calling to prevent political leaders who do not love the country and its people from taking unfair advantage of senior figures in the tourism industry, the president said that the regulation would provide significant relief and progress for Maldivian business tycoons.
In addition to this, Muizzu noted that the regulation ensures progress for the people and that it would not be changed.
He added that the regulation must be implemented and that compliance with it is mandatory for everyone.
In order to enforce this, Muizzu highlighted that a special Forex law would be passed through the People's Majlis to assist the Maldives Monetary Authority (MMA).
The president said that the foreign currency regulation aimed at the tourism sector will be implemented from January 2025, which accounts for approximately 20 percent of the income entering the tourism industry.
Muizzu added that once the law is implemented, dollars will be available at the bank rate without having to exchange in the black market.
Highlighting that every Maldivian departing from Velana International Airport (VIA) can obtain USD 500 at the bank rate, Muizzu said that if the regulation is implemented and enforced by the first quarter of 2026, every Maldivian will be able to purchase USD 1,000 at the bank rate at the airport.
Further, the president stated that the credit card limit would be changed to USD 1,400 by the end of 2026 and highlighted that this is a significant convenience for the general public.
Muizzu repeatedly noted that his administration stands with the people and will move forward with them.
Noting that his administration is 100 percent with the people of Maldives, Muizzu said that there should be no room for questioning this commitment. According to the regulation introduced by the MMA for the tourism sector, sellers of goods and service providers are required to transfer or deposit the total foreign currency received for goods sold or services provided in a calendar month to a foreign currency account opened at a bank before the 28th day of the third month following that month.
The newly introduced forex regulation targets tourist facilities in the Maldives, requiring them to keep dollars received in an account as specified by the MMA, and mandating the conversion of USD 500 for each arriving tourist in resorts.
Resort operators would be required to convert to MVR and deposit an amount equivalent to the total number of tourists arriving at their property each calendar month, at a rate of USD 500 per tourist, before the 28th day of the third month following that month.
Senior figures in the tourism industry have objected to implementing this regulation and have officially informed the government of their opposition.
