No propositions considered by MMA: MATI

Maldives Association of Tourism Industry (MATI) has voiced its grievances today, criticising Maldives Monetary Authority (MMA) for failing to address the association's concerns over the newly implemented tourism income and foreign currency exchange regulations last night.

In a statement, MATI detailed that during their meeting with MMA, participants clearly expressed their disagreement with the proposed changes to the foreign currency exchange regulations.

The organisation further said that although they do not agree with MMA's new regulations, they would fully cooperate when it comes to the country's needs.

According to MMA, the regulations were formulated after stakeholder consultations.

As per these regulations, all income generated from tourism must be deposited into local bank accounts. However, MMA did not specify how long the funds must be retained in the accounts. These regulations also grant full authority for businesses to charge for tourism related goods and services in foreign currencies.

Other requirements of the regulations include all tourist facilities having to exchange a designated amount of foreign currency via local banks. For resorts and tourist vessels, this number is at USD 500 per tourist who stays in the facility while smaller guest houses and hotels are required to exchange USD 25 per guest.

The money exchange regulation also repealed many of the previous concessions and now imposes heavy fees on money exchange businesses.