Prominent businessman and State Trading Organization (STO) Chairman Amir Mansoor has criticised the government’s new foreign exchange regulation, declaring he is “not doing business to pay off the government’s political loans.”
Amir, who operates tourist resorts and safari boats, shared his frustration in a WhatsApp group of tourism entrepreneurs. Screenshots of his remarks, now widely circulated on social media, highlight his grievances over what he described as a lack of government support for businesses.
He noted that businesses already bear significant costs, including acquisition fees, TGST, income tax, and land rent, while the government provides “zero” in return.
Amir’s criticism comes amid growing opposition to the Maldives Monetary Authority’s (MMA) regulation, which mandates that resorts exchange at least US$500 per guest into Maldivian Rufiyaa (MVR). The rule, introduced on 1 October, has faced fierce backlash, with over 50 resorts refusing to comply.
Leading figures in the tourism industry, including Mohamed Moosa of Crown & Champa Resorts, Mohamed Umar Maniku of Universal Group, and Mohamed Khaleel, President Dr Mohamed Muizzu’s top advisor on tourism development and Managing Director of Pulse Hotels & Resorts, have all voiced concerns over the rule. They have described it as “unfeasible,” “arbitrary,” and detrimental to the financial stability of tourism businesses.
The regulation aims to channel foreign currency earnings into Maldivian banks, ending a 37-year-old foreign exchange policy. However, critics argue that it overlooks the operational realities of resorts, which rely on USD revenue to manage payroll, supplier payments, and other expenses.
