On September 24th, the Maldives Monetary Authority (MMA) convened with major tourism industry organizations, including the Maldives Association of Tourism Industry (MATI), Maldives Association of Travel Agents & Tour Operators (MATATO), National Boating Association of Maldives (NBAM), and the National Hotels & Guesthouse Association of Maldives (NHGAM).

During these meetings, which involved individual discussions with each organization and the participation of Governor Ahmed Munawwar, a significant proposal emerged. The central bank expressed a desire for all tourism services to exchange 25% of their revenue through local banks, although specific banks were not mentioned. It was emphasized that a guaranteed amount must be exchanged.

Concerns over tourism income flowing from resorts to foreign tax havens to evade local taxation have long been prevalent. With tourism being a primary source of income in the Maldives, less than 50% of this revenue remains within the country due to various reasons. The significant foreign workforce in the sector exacerbates this issue, as a portion of their earnings exits the domestic economy instead of being reinvested locally. Additionally, some tourism entities have been exchanging dollars on the black market, which has contributed to the inflation of the dollar rate within the community and has created challenges for the trading sector in obtaining dollars. The government's proposed change aims to stabilize dollar demand while curbing black market activities.

Public sentiment surrounding this proposal largely supports the government's stance that dollar income should be retained in the Maldives. However, there is dissent within the industry regarding this consultation and the government's proposition.

Many view the government's decision to enforce a regulation to retain and exchange dollar income as both wise and courageous, though others express concerns about the implications of such a measure.

As of now, there are no concrete plans regarding the timeline or method for the implementation of this initiative. However, the consultations with various organizations have generated a range of options and potential outcomes. 

While the ambition to keep tourism dollars within the Maldives represents a noble cause, its execution will require careful planning and collaboration among stakeholders to ensure the resilience of the tourism industry while benefiting the local economy.