New Foreign Currency Regulation “Not Acceptable”, Says MATI

The Maldives Association of Tourism Industry (MATI) has voiced opposition to the new foreign currency regulation issued today by the Maldives Monetary Authority (MMA), labelling the rules as “not acceptable”.

In a press release issued this afternoon, MATI, representing some of the most influential tourism companies in the Maldives, rejected government claims that the regulation was developed following consultations with relevant stakeholders.

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“At a meeting held with this association at the request of the MMA, we had stated that the proposals presented by the Authority for inclusion in the new Foreign Currency Regulation were not acceptable to this association,” the statement read.

The association said the MMA addressed none of its concerns. It concluded the statement with a commitment to continue cooperating on national matters, saying it “will always remain committed to cooperating in any matter that the country faces.”

MATI, known for representing the business interests of the tourism industry, has a history of lobbying against the regulation of foreign currency and tourism by successive governments.