Maldives Association of Tourism Industry MATI has expressed concerns over the MMA's new Foreign Currency Regulation which requires tourism revenues to be deposited in the Maldives and imposes a mandatory surrender of USD for each tourist.
The MMA published the Foreign Currency Regulation and Regulation on Money Changing Business.on Tuesday.
Earlier today, MATI issued a statement in which it said that although the Press Release from MMA indicates that these regulations were formulated after consultation with relevant stakeholders. this did not occur as stated.
MATI said that in this regard, at a meeting held with the association at the request of the MMA, MATI stated that the proposals presented by MMA for inclusion in the new Foreign Currency Regulation were not acceptable to MATI.
The Assocation noted that when the regulation was gazetted, none of the concerns raised by the association were addressed by the MMA.
MATI assured all parties that it will always remain committed to cooperating in any matter that the country faces.
