The Maldives Association of Tourism Industry (MATI) has expressed its dissatisfaction regarding the new Foreign Currency Regulation and Money Changing Business Regulation, which was issued by the Maldives Monetary Authority (MMA) on Tuesday. MATI claims that despite assertions by the MMA, the regulations were not formulated in consultation with relevant stakeholders, including themselves.
In a press release issued today, MATI emphasized that, contrary to the MMA’s claims, the association was not adequately consulted during the formulation of the new regulations. MATI stated that concerns raised by the association regarding the proposals were not addressed before the regulation was gazetted.
At a meeting requested by the MMA, MATI had voiced its opposition to certain aspects of the Foreign Currency Regulation, finding them unacceptable. However, despite these concerns, MATI noted that none of its suggestions were incorporated into the final regulation.
MATI assured the public that while it remains committed to cooperating with authorities, it is disappointed that its concerns were not addressed in the regulation, which affects the country's vital tourism industry.
Although MATI has stated concern, the MMA said the changes to the foreign currency exchange rules were made after consultation with tourism stakeholders.
In a press release issued today, MATI emphasized that, contrary to the MMA’s claims, the association was not adequately consulted during the formulation of the new regulations. MATI stated that concerns raised by the association regarding the proposals were not addressed before the regulation was gazetted.
At a meeting requested by the MMA, MATI had voiced its opposition to certain aspects of the Foreign Currency Regulation, finding them unacceptable. However, despite these concerns, MATI noted that none of its suggestions were incorporated into the final regulation.
Press Release - Compulsory Exchange Controls - 2nd October 2024 pic.twitter.com/obAxYGw9ne
— Maldives Association of Tourism Industry (@matimaldivesmv) October 2, 2024
MATI assured the public that while it remains committed to cooperating with authorities, it is disappointed that its concerns were not addressed in the regulation, which affects the country's vital tourism industry.
Although MATI has stated concern, the MMA said the changes to the foreign currency exchange rules were made after consultation with tourism stakeholders.
