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MV+ Infographics President Mohamed Muizzu has warned resort owners against misrepresenting their revenues to reduce the amount of foreign currency they are required to exchange under the new 40% conversion requirement. Speaking after signing the amendment to the Foreign Exchange Act today, Muizzu alleged that some business owners had indicated they could underreport earnings to reduce their conversion obligations. He said the government will establish mechanisms within about a month to obtain sufficient information and prevent such practices.
MV+ Infographics Responding to former president Abulla Yameen,MP for Inguraidhoo and PNC PG Group Leader Ibrahim Falah has stated that a former ruler calling on citizens to violate the laws of the Maldives is an invitation to commit a serious crime. Falah added that this also demonstrates Yameen’s “malice and deep self-interest,” as well as his greed for power and envy. Falah said this in response to Abdulla Yameen’s saying that resorts should oppose the government’s unilateral decision requiring resorts to exchange 40 percent of their dollar revenue.
MV+ Infographics MMA Governor Ahmed Munavvar says authorities have observed individuals earning income in US dollars selling the currency on the black market, adding that the proposed amendments are intended to provide the data needed to monitor such activity. Munavvar said authorities have launched operations targeting money changers and will investigate those involved to enforce the law. He added that one money changer found to be operating in violation of regulations has already been shut down.
MV+ Infographics Former President Abdulla Yameen has criticised efforts to restrict public discussion surrounding the US dollar shortage, saying legislative measures to suppress related practices will not resolve the underlying problem. Speaking at an event marking the 60th anniversary of Thinadhoo City’s resettlement, Yameen called on the Finance Minister and Maldives Monetary Authority Governor to explain the government’s plan to address the currency shortage, adding that the information would help put at ease the frustrations of the public.
MV+ Infographics Infrastructure Minister Dr Abdulla Muththalib said responsibility for the road works raised by North Hithadhoo MP Abdulla Sodiq (Sobe) should not rest solely with the current administration, noting that Sodiq had been serving as a state minister at the ministry while the project was underway. Muththalib said Fenaka had advised at the time that pipes were not required for the road, suggesting the MP also bore some responsibility for decisions made during the project’s implementation.