Even with the requirement for tourist resorts to exchange 40 percent of their foreign currency revenue through the national banking system, there is no justification to stop paying resort employees their salaries in US dollars, President Dr. Mohamed Muizzu has stated.

Briefing journalists following the ceremony held at the President's Office today to ratify the Foreign Exchange Bill, the President stated that the previous rule requiring resorts to exchange USD 500 per tourist arrival has been repealed, and starting tomorrow, converting 40 percent of total revenue through banks will become mandatory.

"No employee who receives their salary in US dollars should experience any reduction in pay. Nor is there any reason to make such a change. They must continue to be paid the salaries they receive," the President said.

"In this matter, the government will stand steadfast alongside the people and move forward in defense of the public's rights," he added.

However, the President stated that there will be no change to the statutory amounts currently specified for guesthouses (Category B) or any Maldivians working in the tourism sector. He noted that although the tourism sector generated a substantial revenue of USD 5.6 billion last year, only USD 3.8 billion entered Maldivian banks, and of that amount, only 21 percent was converted.

The President said that the amendments ratified today will increase the foreign currency available to the state, providing major relief through the MMA to import essential goods into the Maldives and facilitate telegraphic transfers (TTs) for businesses.

Addressing concerns raised among business leaders, the President stated that the decision was finalized after comprehensive studies conducted by the MMA and relevant ministries.

"There will be no difficulty in repaying resort development loans, paying staff salaries, or covering operational expenses by converting 40 percent. That is a certainty," the President said.

The President emphasized that there is no excuse to halt paying employee salaries in US dollars. Highlighting that resorts maintain the financial capacity to exchange 40 percent even after servicing loans and paying salaries, the President called on all parties to fully comply with the law and fulfill their national duty.

He added that the MMA and relevant authorities will work diligently to ensure the full implementation of the law.