President Mohamed Muizzu issued an indirect critique of the country’s leading hoteliers on Thursday, accusing some business figures of prioritising political interests over public welfare. In a post on X, formerly known as Twitter, he suggested that leaders “who do not want any good to come to the people” would become “very clear in the future.”
Without naming specific individuals or businesses, President Muizzu emphasised his administration’s commitment to “fairness and prosperity for all Maldivians,” asserting, “This government will continue to be on the side of the people and bring prosperity to all people fairly.”
The President’s remarks come as tensions escalate over the Maldives Monetary Authority’s (MMA) new foreign exchange regulation, which many resort leaders argue is anything but fair. The rule, implemented on 1 October, requires “A” category resorts to exchange at least USD 500 per guest into Maldivian Rufiyaa (MVR). Intended to channel foreign currency into Maldivian banks, the rule has drawn significant opposition from more than 50 resorts that have formally protested the mandate.
Prominent industry figures, such as Mohamed Moosa of Crown & Champa Resorts and M.U. Manik of Universal Group, describe the policy as “unfeasible” and “arbitrary.” They argue that the regulation imposes an excessive burden on resorts, which depend on USD revenue to meet essential expenses, including supplier payments, payroll, and government taxes.
In a letter of protest, Mohamed Khaleel, top advisor to President Muizzu on tourism development, cautioned that the rule could destabilise businesses in the sector. Despite this, the President’s comments suggest that the government remains committed to enforcing the policy, portraying it as a measure to ensure equitable economic benefits.
The ongoing dispute has raised questions within the industry about the true fairness of the regulation, which critics say overlooks the financial realities of resort operations.
