Universal Enterprises also notifies new Forex Regulation cannot be complied with

Chairman of Universal Enterprises Mohamed Umar Manik (M U Manik) has sent a letter to the governor of Maldives Monetary Authority (MMA) stating that they cannot comply with the new Tourism Forex Regulations.

The regulation mandates income generated from tourism to be deposited into local banks and to have a certain percentage exchanged via these banks, while the banks are required to sell 60 percent of foreign currency received each week to MMA.