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Parliament has passed a bill requiring resorts to sell 40 percent of their dollar earnings to banks while banning the promotion of black-market exchange rates.
Mariyam Adheela
MALÉ-MALDIVES: Parliament has passed amendments to the foreign currency law requiring resorts to sell 40 percent of their dollar earnings to banks, while criminalising the publication and promotion of black-market exchange rates.
The bill, submitted by Holhudhoo MP Abdulla Sattar Mohamed, was passed today with 47 members voting in favour and 12 against.
The original bill proposed requiring resorts to sell 20 percent of their dollar earnings. Following committee amendments, the percentage was doubled to 40 percent, to be transferred to banks once each month.
The amendments also prohibit advertising, promoting or publicly sharing foreign exchange rates higher than those set by the Maldives Monetary Authority (MMA), including through digital platforms.
Individuals violating the provision may face fines ranging from MVR 25,000 to MVR 500,000, while companies may be fined between MVR 100,000 and MVR 5 million.
The amendments further allow criminal proceedings where the prohibited conduct constitutes an offence under another law.
The Maldives Association of Tourism Industry (MATI) has criticised the increase, saying it is unfair to impose industry-wide measures based on allegations involving individual resort operators.
MATI said it had previously proposed limiting the mandatory dollar conversion requirement to 10 percent and called for consideration of exemptions for resorts unable to meet the requirement.
The association also said it had not been aware of any involvement by resort operators in black-market dollar trading, despite such claims reportedly being raised during a meeting with senior government officials.
