The committee is scheduled to complete its review of the Forex Bill by 6 pm today.
Parliament's Public Accounts Committee held a closed-door meeting with the Maldives Association of Tourism Industry (MATI) today at the association's request.
The committee is scheduled to complete its review of the Forex Bill by 6 pm today.
President Dr Mohamed Muizzu esaid that he hopes that the bill would be passed before Parliament goes into recess on December 15 and added that he would ratify it once passed.
Meanwhile, the Finance Committee is also meeting with MATI to discuss the new foreign exchange regulations. MATI has raised concerns that the regulations, which require businesses to exchange dollars through Maldivian banks, could lead to significant losses for businesses. They argue that this move could be unjust to tourism businesses.
Champa Brothers owner Mohamed Moosa (Uchchu) and Universal Chairperson Mohamed Umar Manik (MU Manik) have both called on the Maldives Monetary Authority (MMA) to suspend the regulation.
The Foreign Exchange Bill, which seeks to provide legal authority for the regulation, has been sent to Parliament. The bill gives tourism companies two options for exchanging dollars through Maldivian banks.
The bill mandates that tourism businesses earning at least USD 15 million annually must deposit their foreign currency income in local bank accounts.
For Category A resorts, the requirement is to exchange either USD 500 per tourist or 20 percent of their total monthly income.
Category B guesthouses must exchange either USD 25 per tourist or 20 percent of their monthly foreign exchange earnings.
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