President Dr. Mohamed Muizzu has stated that a system will be established to provide clear information on tourist accommodations.

Briefing journalists following the ceremony held at the President's Office today to ratify the Foreign Exchange Bill, the President stated that some business figures had indicated they would submit accounts showing lower revenue to minimize the mandatory 40 percent conversion. However, he stated that the government will establish a system to obtain sufficient data to eliminate any opportunity for falsifying accounts.

"Some parties are saying they will simply prepare and submit accounts showing no income. Attempts may be made to cheat and fabricate figures. But the mechanisms to stop that have also been introduced through today's bills," the President said.

"From the moment a tourist enters the Maldives, a system tracking their arrival, where they traveled, where they stayed, and their departure will officially become visible in our systems within a month."

The President emphasized that a select few should not amass wealth from the tourism industry while the rest of the citizenry continues to live in hardship.

"This administration will stand very firm in upholding rights. In establishing justice, we will show no bias toward anyone. We will make no distinctions. Why should a select few get rich while everyone else suffers? That should not be the case," the President said.

Additionally, the President revealed that rather than converting US dollars to the state, some business figures had intimidated the government by demanding that development projects be halted and threatening to drive up dollar prices on the black market.

"When I began pursuing this matter, some individuals told me to reduce the budget and stop fulfilling pledges made to the public. I have the messages. [They said that] if the budget is increased to bring development to the people, they will inflate dollar rates on the black market," the President said.

The President stated that there is no resort in the Maldives unable to convert 40 percent in US dollars.

"There is not a single resort in the Maldives incapable of exchanging this 40 percent. They can easily pay this amount even after servicing loans, paying staff salaries, settling expenses, and running daily operations," the President said.

The President emphasized that resorts are assets belonging to the Maldivian state, and the benefits derived from businesses operated on state-owned land must reach all citizens.