Parliament's Public Accounts Committee to Complete Foreign Currency Bill Review in One Day
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Mariyam Milzam Masood11 December 2024 - 08:03
The Public Accounts Committee has resolved to complete the review of the Foreign Currency Bill by the end of the day. The bill, sponsored by Inguraidhoo MP Ibrahim Falah, was submitted to Parliament on Monday and debated on Tuesday.
The bill proposes that Category-A tourist establishments exchange USD 500 per tourist or 20% of monthly revenue, while Category-B establishments exchange USD 25 per tourist or 20% of monthly revenue. It also targets non-tourism businesses with USD 15 million in annual foreign revenue to exchange a percentage of their earnings.
The meeting was held behind closed doors at the request of the Maldives Association for Tourism Industry (MATI). The bill aims to boost financial transparency and support the local economy.
