Abdulla Nasheed, CEO of Kaani Hotels and Tours, has endorsed the new Foreign Currency Bill's requirement for guesthouses on inhabited islands to deposit USD 25 per guest with banks.

This move comes as part of broader regulations that also mandate larger resorts to deposit USD 500 per guest under Category A establishments.

As head of the National Hotels and Guesthouse Association, Abdulla expressed his support through a post on X today, specifically endorsing the bill's Category B classification for guesthouses on inhabited islands.

"It's a pragmatic approach that supports sustainable island community development," said Abdulla, who runs the country's largest local tourism network.

Despite opposition from some tourism industry operators, particularly regarding the USD 500 deposit for larger resorts, the Maldives Monetary Authority (MMA) maintains that such legislation is crucial for stabilising the country's foreign currency situation.

MMA, which has opened the bill for public consultation, emphasises that robust foreign currency legislation is essential at this time to improve the nation's foreign currency situation and normalise dollar transactions in the Maldives.