President Muizzu Appoints Mohamed Khaleel to Economic Council

President Dr Mohamed Muizzu has appointed Mohamed Khaleel, his tourism advisor, to the administration’s Economic Council. The appointment, reportedly made yesterday, positions Khaleel among key decision-makers in the government’s economic strategy.  

Khaleel, the Managing Director of Pulse Hotels and Resorts, is also a shareholder in the Reollo Group and Manta Air. His appointment comes as the Maldives grapples with a contentious regulation introduced by the Maldives Monetary Authority (MMA), requiring tourism businesses to exchange US dollars in local banks.  

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Pulse Hotels recently announced that it would not comply with the regulation, echoing opposition from several resort owners who have written to the MMA and the President’s Office requesting a reversal of the policy.  

Despite mounting pressure, President Muizzu reiterated this week that the regulation would remain unchanged. Speaking at a ceremony marking the first year of his administration, Muizzu emphasised that adherence to the policy would enable the government to ease financial constraints faced by the tourism sector.  

Muizzu said that if the tourism industry complies with the regulation after January, the government will increase the limits imposed by banks on telegraphic transfer transactions for importing necessary goods, adding that the government also plans to raise credit card limits to further support the sector.  

The dollar exchange regulation has been a polarising issue, with some stakeholders arguing it could create financial challenges for resort operators. However, the government maintains that the policy is crucial for strengthening the country’s foreign exchange reserves and economic stability.