President ratifies forex bill requiring dollar exchange in tourism
President Mohamed Muizzu on Saturday ratified the Foreign Exchange Bill, which introduces new regulations requiring foreign exchange earners in the tourism sector to exchange a portion of their foreign currency earnings to Maldivian rufiyaa. Parliament on passed the bill on Thursday. Key provisions of the law include: Category A establishments (resorts): Resorts can either exchange $500 […]
Forex bill proposes optional $500 per tourist exchange
Parliament on Monday received the new foreign exchange bill, which proposes to change the current mandatory requirement for resorts to exchange $500 per tourist optional or to enable them to exchange 20% of revenue instead. The bill was presented by Inguraidhoo MP and PNC parliamentary group leader Ibrahim Falah on behalf of the government. It […]
Tourism minister calls for greater Maldivian ownership in resorts
Tourism Minister Ibrahim Faisal has reiterated the government’s commitment to increasing Maldivian ownership and leadership in the tourism sector, particularly within resorts. Speaking on World Tourism Day, Faisal highlighted this as one of the government’s key objectives. Faisal said that Maldivians show strong interest in tourism and that the government is encouraging young people to […]
Maldives reserves several tourism jobs for locals
The Maldivian Cabinet has earmarked specific job sectors, especially those in the tourism industry, exclusively for locals, aiming to prioritise national recruitment efforts. In a press conference held by the President’s Office on Monday, Abdullah Nazim Ibrahim, the Principal Secretary on Public Policy, highlighted one of nine proposals presented to the Cabinet meeting on Sunday […]
Maldives tourism in precarious state, MATATO says
The Maldives Association for Travel Agents and Tour Operators (MATATO) on Thursday unveiled the findings of a recent survey highlighting the fragile state of the country’s tourism industry. MATATO’s President, Abdulla Giyas, presented the results of the survey, which involved more than 2,000 participants, at a press conference. Notably, these participants included not only local […]
Maldives faces $1.7b annual economic loss from 88 unfinished resorts
The Maldivian tourism industry is grappling with a substantial setback as 88 resorts designated for development remain incomplete, resulting in an annual economic loss of $1.7 billion, as per the Finance Ministry’s fiscal statement for 2024-26. Maldives, heavily reliant on tourism, considers these unfinished resorts a linchpin of its economic prosperity. However, these 88 islands, […]
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