President Mohamed Muizzu on Monday appointed Mohamed Khaleel, his advisor on tourism development, to the cabinet's economic council.

Khaleel has been appointed to the Economic Council, while Pulse Hotels and Resorts - a company where he holds shares - has rejected the new foreign exchange rules drafted by the Maldives Monetary Authority (MMA).

Under the new MMA rules, tourism businesses are required to exchange USD 500 per tourist at a local bank. Many tourism operators are refusing to comply with the 'unfair' regulation.

Speaking at a ceremony held at the Social Center to mark the 52nd week of the government, the President said he would not change the regulation. Under the regulation, the tourism industry is required to contribute only 20 percent of the total revenue, he said.

"We are not going to change this regulation, we will not change it. We are saying very clearly that we will not change the regulation. You will have to pay USD 500. Everyone must obey the rules," the President stated.

The President said he would also pass a special Forex Act in Parliament to facilitate and assist the MMA in enforcing this regulation, adding that the government would be 100 percent with the people.