Abdullah Nasheed (Kaani Abdullah), CEO of Kaani Hotels and President of the National Hotels and Guesthouses Association (NHGAM), has praised the bill being prepared by the Maldives Monetary Authority (MMA) to further strengthen the regulation requiring resorts and guesthouses to convert a certain amount of their dollar earnings through banks.
The MMA, in collaboration with relevant institutions, is working on drafting a Foreign Currency Bill to strengthen foreign exchange matters. The main purpose of the bill is to reinforce the provisions stated in the foreign currency regulation that came into effect on October 1st. According to the bill published by MMA, Category A establishments, which include tourist resorts, integrated resorts, private islands, and resort hotels, must deposit and convert to rufiyaa $500 per tourist for the total number of tourists arrived that month.
For Category B establishments, which include tourist hotels, guesthouses, and tourist vessels, the regulation requires depositing and converting to rufiyaa $25 per tourist for the total number of tourists arrived that month. In a post on X regarding the bill, Kani Abdullah stated that he supports the requirement for guesthouses and hotels on local islands to convert $25 per tourist.
“It will bring many benefits to the island residents, create numerous jobs, expand businesses, and fishermen will be able to sell their catch to hotels,” he told in an interview given to online news website Vaguthu. He has previously stated that limiting foreign investors and retaining foreign currency in banks is crucial for the Maldivian economy.
