Former President Abdulla Yameen has criticized President Muizzu for overstepping his authority regarding the Maldives Monetary Authority’s (MMA) new foreign exchange regulation for the tourism sector. Speaking at People’s National Front (PNF) event, Yameen questioned why Muizzu is making decisions about MMA, an independent body. He pointed out that MMA’s policies should be determined by the institution itself, not influenced by the President.
Yameen also raised concerns about the government’s excessive spending, especially on costly foreign trips by officials, which he believes contribute to the USD shortage and black market. He questioned why the government hasn’t been transparent about how much of the USD earned from tourism is being spent on the citizens’ needs.
On the new foreign exchange regulation, MMA requires large resorts to exchange USD 500 per tourist, while smaller guesthouses need to exchange USD 25. Despite resistance from the tourism sector, President Muizzu has insisted that there will be no changes to the rule.
Yameen’s critique highlights the growing concerns about the government’s lack of accountability and its increasing interference in independent institutions, raising questions about the administration’s commitment to transparency and responsible governance.
