President Dr Mohamed Muizzu has said that the two options provided in the Forex Bill currently in Parliament, will yield the same results.
The bill, prepared by the Maldives Monetary Authority (MMA) and revised after public consultations, proposes two options for businesses in the tourism sector to exchange their foreign currency earnings through Maldivian banks.
Under the bill, Category A resorts must exchange either USD 500 per tourist or 20 percent of their total monthly income, while guesthouses in Category B must exchange either USD 25 per tourist or 20 percent of their monthly foreign exchange earnings.
Speaking at Kaafu atoll Huraa during his tour of Kaafu atoll islands, President Muizzu said that despite offering these options, the outcomes would likely be similar.
The President said that he hopes for the bill to be passed before the Parliament goes into recess on December 15 and added that he would ratify the bill once passed.
He said that the bill aims is foster positive economic changes.
MMA estimates that even with the amendment to the regulations approximately USD 750 million (MVR 11 billion) will be channeled into the banking system annually.
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