MP Falah Slams Yameen for Calling on Resorts to Reject 40% Dollar Rule

Ruling People’s National Congress (PNC) Parliamentary Group Leader Ibrahim Falah has criticised former President Abdulla Yameen, after Yameen called on resorts to reject the government’s requirement to exchange 40 per cent of their foreign exchange earnings through local banks.

Speaking at a rally organised by the People’s National Front (PNF) in Fuvahmulah City on Thursday night, Yameen said the Maldives Association of Tourism Industry (MATI) should not be the only body opposing the 40 per cent requirement. He said the tourism industry would be the first to suffer from the change and called on resorts to openly state that they did not accept the requirement.

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Responding to Yameen in a post on X, Inguraidhoo MP Falah said it was serious for a political leader to call on people to violate laws enacted in the country. He also accused Yameen of acting out of what he described as “evil, selfishness, greed and jealousy” over power.

Falah further accused Yameen of attempting to overthrow the government by working with the Maldivian Democratic Party (MDP). Referring to allegations involving millions of dollars, Falah said the country’s dollar shortage could be resolved if the money allegedly linked to cases against Yameen were recovered.

Falah’s comments come as criminal proceedings against Yameen over allegations linked to the Maldives Marketing and Public Relations Corporation (MMPRC) corruption scandal continue at the Criminal Court. The MMPRC case concerns the alleged misappropriation of funds from the state-owned company and was one of the major corruption scandals during Yameen’s administration.

ވެރިކަންކޮށްފައިވާ ވެރިޔަކު ރާއްޖޭގައި ހެދިފައިވާ ޤާނޫނުތަކާއި ޚިލާފުވާން ރައްޔިތުންނަށް ގޮވާލުމަކީ ވަރަށްބޮޑު ކުށަކަށް ދަޢުވަތުދިނުން.
މީގެންވެސް ހާމަވަނީ ޔާމީނުގެ ނުބައިކަމާއި އަމިއްލަ އެދުމުގެ ބޮޑުކަން ވެރިކަމަށް އޮތްދަހިވެތިކަމާއިހަސަދަވެރިކަން. އަދިފަހަކަށްއައިސް… pic.twitter.com/sTJ4JVxmZ8— Ibrahim Falah (@IbrahimFalahR) August 28, 2026

Yameen has denied wrongdoing in relation to the allegations. He was previously convicted and sentenced to imprisonment in a separate money laundering case linked to the MMPRC scandal. The Supreme Court later overturned the conviction, leading to his release. Yameen was released from prison in November 2023 after former President Ibrahim Mohamed Solih granted him clemency following the presidential election.

The dispute follows Parliament’s amendment of the Foreign Exchange Act last week to require resorts to exchange 40 per cent of their foreign exchange earnings through local banks.

The government initially proposed removing an existing option that allowed resorts to exchange either 20 per cent of their foreign exchange earnings or USD 500 per tourist, making the 20 per cent requirement mandatory. Economic Minister Mohamed Saeed later told Parliament that the government was considering increasing the requirement to 40 per cent.

The 40 per cent requirement was subsequently introduced through an amendment submitted by Funadhoo MP Mohamed Mamdhooh to a bill originally submitted by Holhudhoo MP Abdul Sattar Mohamed.

MATI has criticised the 40 per cent requirement, warning that the measure could place significant financial pressure on tourism operators. The association has said resorts have substantial expenses that must be settled in US dollars, including fuel, salaries, service charges, taxes, lease payments and foreign loan obligations.

The government has said the foreign exchange measures are intended to increase the availability of US dollars in the domestic market. It has also stated that its longer-term objective is to end the payment of salaries in US dollars and shift transactions towards the Maldivian rufiyaa.