Seventy resorts have submitted complaints to the central bank Maldives Monetary Authority regarding the regulations that require tourist establishments to exchange a determined amount of dollars at local banks each month.
Seventy resorts have submitted complaints to the central bank Maldives Monetary Authority regarding the regulations that require tourist establishments to exchange a determined amount of dollars at local banks each month.
While this has been reported in Mihaaru News, MMA has not officially confirmed this as of yet.
In addition to resorts, guesthouses and hotels have also submitted complaints, although the specific amount of these is so far unknown.
Guesthouse Association has said that they have received complaints from many guesthouses regarding the regulations and they are looking into how they will submit this to the authorities.
MMA has previously announced that all except one of the resorts in operation in Maldives have registered under the forex regulations.
As per the regulation, all tourism facilities have to exchange a determined amount of dollars per guest at local banks each month.
Category A includes resorts, hotels and tourist vessels, which must exchange USD 500 per guest per month. Category B includes guesthouses, which must exchange USD 25 per guest per month.
MMA said that banks must sell 60 percent of the dollars exchanged under this to MMA each week.
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