Requiring resorts to share details of their expenditure and income with the Maldives Monetary Authority (MMA) could expose how businesses operate to their competitors and put them at serious risk, MDP Chairperson President Mohamed Nasheed has said.

Speaking at a press conference held by the MDP on Wednesday, President Nasheed said that while the government has ordered resorts to exchange 40 percent of their dollar earnings, the requirement to submit details of all their expenses to the MMA is a matter of great concern to business owners. He noted that a business is run to make a profit, and having its practices disclosed to others creates a major obstacle for it.

President Nasheed also said the new regulations introduced by the government have brought no positive change to the dollar rate, with the dollar still selling for between MVR 20 and MVR 21 on the black market. He pointed out that even registered money exchangers are now largely not exchanging currency, as doing so at the government-set rate is not profitable for them.

As a result, prices of goods are not coming down, and the hardships faced by the public are growing by the day, President Nasheed said.