A bill proposing changes to the Foreign Exchange Act has been sent back to the Public Accounts Committee for further review.

The bill, submitted by Holhudhoo MP Abdul Sattar Mohamed on behalf of the government, proposes requiring resorts and other Category A tourism establishments to sell 20 per cent of their foreign currency earnings for Maldivian rufiyaa.

The bill was returned to the committee after PNC parliamentary group leader Ibrahim Falah proposed further evaluation. The motion was supported by Hoarafushi MP Ali Moosa and passed with 58 votes from 68 MPs present.

The proposed amendments would also revise foreign currency deposit requirements and expand the categories of businesses required to deposit foreign currency earnings into accounts at banks licensed by the Maldives Monetary Authority.

If passed and ratified, the amendments are proposed to take effect on 1 September.