On Monday, Parliament received the Foreign Exchange Bill, which seeks to amend the existing mandatory requirement for resorts to exchange $500 per tourist. The proposed changes aim to make this optional or allow resorts to exchange 20% of their revenue instead.
The bill, presented by Inguraidhoo MP and PNC Parliamentary Leader Ibrahim Falaah on behalf of the government, was introduced for its first reading in Parliament on the same day.
Key provisions of the bill include enabling dollar-based payments at resorts and introducing additional concessions. Exceptions to the proposed charges are as follows:
- Tourists staying at the resort for less than 24 hours
- Children under the age of 10
- Guests provided with free accommodation at resorts
- Visitors granted special privileges by the government
Industry stakeholders have raised concerns about the $500 per tourist exchange requirement, which was mandated by an October regulation and reflected in the earlier forex bill proposal. Critics have highlighted potential challenges this might pose to the tourism sector.
