Galolhu North MP Mohamed Ibrahim (MDP) has urged the parliament to summon representatives from the tourism sector to address growing concerns surrounding the new dollar exchange regulations introduced by the Maldives Monetary Authority (MMA). In a formal request submitted on Wednesday, MP Ibrahim called for an economic committee meeting to explore the impact of the recent foreign currency transaction guidelines on the tourism industry.
In his letter to the Speaker of Parliament, Ibrahim highlighted the importance of open dialogue between the government and tourism stakeholders. He emphasised the need to fully understand the challenges faced by the industry as it adapts to the new foreign exchange rules, which were implemented with limited consultation.
The tourism industry has raised several concerns regarding the regulations, particularly the requirement for banks to market dollars. The Maldives Association of Tourism Industry (MATI) expressed dissatisfaction, claiming that the MMA had not adequately considered its recommendations during earlier consultations.
MP Ibrahim also noted that a significant number of tourism businesses failed to meet the initial registration deadline of 30th October to comply with the new requirements. Over 50 resort operators have since sent letters to the MMA, highlighting the difficulties they face in meeting these obligations.
The letter further highlighted concerns raised by Champa Mohamed Moosa, a key figure in the Maldivian business community. Mohamed Moosa’s companies have formally requested the government to retract the regulation, arguing that seasoned tourism operators, who have played a critical role in the sector’s success, should not be overlooked in policy decisions of this magnitude.
Moosa criticised the foreign exchange rule for the financial strain it could impose on tourism enterprises, particularly due to restrictions on a $500 charge per tourist. He warned that the regulation could lead resorts to exceed their revenue capacities, potentially placing them under severe financial pressure.
MP Ibrahim’s call for a parliamentary review comes amidst increasing unease within the tourism sector, which remains a cornerstone of the Maldivian economy. The upcoming committee discussions are expected to bring clarity to the concerns raised and assess potential adjustments to align the regulations with the industry’s economic realities.
