By Malé, Maldives — Central Bank Governor Ahmed Munawwar reiterated the government’s unwavering stance on dollar-marking rules today, emphasizing that existing regulations will now be reinforced through the proposed Foreign Exchange Bill. This includes measures to ensure fairness by including high-earning non-tourism entities in the framework.
The bill, now open for public comment, has stirred debates within the tourism sector. However, Munawwar confirmed that the adjustments made were minimal and aimed at addressing specific concerns while maintaining the integrity of the foreign exchange system.
Notable Adjustments in the Bill:
- Inclusion of Non-Tourism Entities:
- Businesses earning over $20 million in foreign currency annually are required to deposit up to 25% of their earnings in local banks.
- Tourism Sector Compliance:
- No change to existing rates of $500 per tourist for Category A resorts and $25 per tourist per month for Category B guest houses.
- Exemptions for tourists staying less than 24 hours, children under two, and complimentary stays remain intact.
- Reclassification of Tourist Hotels:
- Facilities with fewer than 50 beds will fall under Category B, requiring $25 per head deposits.
- Penalties for Violations:
- Non-compliance with marking rules or deposit requirements could result in fines ranging between 0.05% and 0.10% of the required amount for each day of delay.
Governor Munawwar addressed criticism from prominent tourism stakeholders who argue the rules are impractical. “The MMA is legally obligated to increase the state’s reserves, and we are actively fulfilling this responsibility,” he said, urging cooperation from all sectors.
President Dr. Mohamed Muizzu has previously voiced support for the regulations, underscoring their importance in maintaining economic stability despite objections from some businesses in the tourism sector.