Nasheed: 40% rule will bankrupt resorts

3 weeks ago

Forcing resorts to convert 40 percent of their dollar income will irrevocably bankrupt resort businesses and harm all industries connected to them, opposition MDP Chairman and former President Mohamed Nasheed said on Saturday. Parliament passed a bill on Wednesday requiring 40 percent of resort revenue to be converted. The Foreign Exchange Act Amendment Bill, moved by PNC MP Abdul Sattar Mohamed