Former Dhidhdhoo MP Abdulla Waheed has criticized the Maldivian government's dollar market policy, stating that it fails to provide meaningful relief to the public and places undue pressure on businesses.
Speaking on a local media program last night, Waheed said the government's approach to solving economic challenges, particularly policies on the dollar market, tobacco, and vape, is forceful and out of touch with the people's needs. He warned that the consequences of the government’s rigid stance would be especially harmful to middle-class businesses.
He said he had challenged the government’s process of drafting rules related to foreign currency and highlighted that he had been sidelined during those discussions.
Waheed further accused the government of failing to recognize the contributions of business owners who had tried to support the country’s economy.
Under the government’s dollar market policy, implemented through the Foreign Money Act, banks in the Maldives are now required to market foreign currency. Resorts classified under "Category A" must convert either USD 500 per tourist or 20 percent of their monthly revenue through banks. Guesthouses under "Category B" must convert USD 25 per tourist or 20 percent of their income monthly.
Waheed stressed that these measures are not easing the financial burden on the public and could damage the business sector if not revised.
Speaking on a local media program last night, Waheed said the government's approach to solving economic challenges, particularly policies on the dollar market, tobacco, and vape, is forceful and out of touch with the people's needs. He warned that the consequences of the government’s rigid stance would be especially harmful to middle-class businesses.
He said he had challenged the government’s process of drafting rules related to foreign currency and highlighted that he had been sidelined during those discussions.
Waheed further accused the government of failing to recognize the contributions of business owners who had tried to support the country’s economy.
Under the government’s dollar market policy, implemented through the Foreign Money Act, banks in the Maldives are now required to market foreign currency. Resorts classified under "Category A" must convert either USD 500 per tourist or 20 percent of their monthly revenue through banks. Guesthouses under "Category B" must convert USD 25 per tourist or 20 percent of their income monthly.
Waheed stressed that these measures are not easing the financial burden on the public and could damage the business sector if not revised.
