The opposing Maldivian Democratic Party (MDP)’s President Abdulla Shahid has said destroying an industry for political gain cannot translate to ‘being on the people’s side’, referring to a recent remark by President Dr. Mohamed Muizzu.
The central bank, Maldives Monetary Authority (MMA), recently introduced a new policy where tourism establishments are mandated to deposit and convert a percentage of their US dollar revenue to local banks, a decision that prompted concern from some of the Maldives’ largest domestic investors.
Addressing these concerns, President Dr. Muizzu defended the decision and stated that it would become clear in the coming days, which politicians oppose measures aimed at benefiting underprivileged citizens. He assured that his administration remains committed to bringing prosperity fairly to all Maldivians, and would continue to ‘remain on the peoples’ side’.
Criticizing the president and the government, Shahid said the government’s attempt to change foreign exchange regulations and money-changing business regulations without consulting the relevant authorities puts the Maldives’ largest industry, tourism, at risk. Shahid said that while the backbone of the economy is the people’s businesses in any country, major regulatory changes should be implemented with input from relevant stakeholders to ensure small, medium, and large enterprises are not adversely affected.
“It is best to consult with them and decide. It is not ‘being with the people’ if you destroy an industry to don a temporary political medal. Consultation should always take precedence,” Shahid said.
