President Dr. Mohamed Muizzu announced that the regulation requiring resorts to convert $500 per tourist into local currency will be implemented without alteration, despite an option being proposed to convert 20 percent of monthly income instead. Addressing the residents of Huraa during his tour of Kaafu Atoll, the President confirmed that the regulation has been submitted to parliament unchanged, as previously promised.
Initially, resorts were mandated to convert $500 per tourist. However, the bill submitted today included an alternative for resorts to convert 20 percent of their monthly income. The President emphasized that this regulation is designed to benefit the nation, particularly in business sectors.
“This is truly for the benefit of the people; it will bring many benefits to those in business and other areas,” he stated, voicing his support for the bill. He clarified that converting $500 per tourist approximates 20 percent of a resort’s total monthly income, a figure determined after consultations with tourism industry stakeholders.
Reaffirming his commitment, the President insisted that no changes will occur in dollar conversion with this legislation. “The law makes it mandatory. So as I stated earlier, it remains unchanged,” he asserted.
Dr. Muizzu expressed confidence that the dollar conversion bill would be enacted before this parliamentary session concludes on the 15th of this month. Once passed, the implementation will be immediate. The Maldives Monetary Authority (MMA) and the government anticipate that this new law will address and resolve the dollar shortage issue effectively.
