Governor of the Maldives Monetary Authority (MMA) Ahmed Munawar has said that an amendment to the Foreign Currency Act will be submitted to the Parliament where 40 percent of the revenue generated in foreign currency by resorts and guesthouses is to be exchanged at banks every month.

During the press conference held at the President's Office, Governor Munawar said that along with the choice of exchanging USD 500 per head being abolished, an amendment to the Foreign Currency Act will be submitted to the Parliament where 40 percent of revenue in foreign currency will need to be exchanged at Maldivian banks every month.

As the Foreign Currency Act currently stands, those who generate revenue in foreign currencies have two choices when exchanging USD at banks. One is to exchange USD 500 per tourist and the other is to exchange 20 percent of their total revenue.

Munawar said that along with the foreign currency that is to be exchanged at banks, the act will see amendments in strengthening monitoring steps as to how the rest of the revenue is spent.

He stated that the only way the issue where Maldivian businesses are not getting the required USD for importing goods can be solved is by those who generate their income in USD exchanging their USD at Maldivian banks.

Munawar also said that 56 percent of the USD that has been exchanged from parties that generate revenue in USD to the MMA up until last month has been used to repay state debts.

According to Munawar, charging MVR for all of the products being sold and services being offered by all of the businesses in Maldives has always been MMA's aim.

He said that previous governors Ali Hashim, Ahmed Naseer, Dr. Azeema Adam and Dr. Fazeel Najeeb had the same aim as well.

"The price for all products and services should be set in MVR. What I am saying is not new, this has been said for a long time," said Munawar.

He went on to say that when Hashim was governor and during former President Ibrahim Mohamed Solih's government, he tried to make it so those who generate revenue in USD would have to exchange foreign currencies at Maldivian banks and at the time, he wanted 60 percent to be exchanged. Even though MMA made all of the preparations, it did not come to pass, said Munawar.

"We are working towards that goal, MMA's aim has not changed. I am grateful to the government for cooperating with us," Munawar said.

According to Minister of Homeland Security, Labour and Technology Ali Ihusaan during the press conference, it is resorts that sell and exchange the highest amount of USD on the black market. He also said that 90 percent of the money that goes through the black market comes from businesses that generate revenue in USD.