President Dr. Mohamed Muizzu has stated that if the Maldives is to become a developed nation, the amendments brought to the Foreign Exchange Act are essential changes that must be implemented.

Meeting journalists at the President's Office today after ratifying several bills, the President stated that requiring resorts to exchange 40 percent of their revenue through the MMA will not cause any loss to resorts.

The President stated that even after converting 40 percent, resorts will be able to service loans and pay employee salaries in US dollars.

The President noted that the Foreign Exchange Act was amended to drive national progress.

"In developing the Maldives and moving the country forward, if we want to achieve our target of becoming a developed nation by 2040, robust legal systems must be established in the Maldives," the President said.

The President stated that the arrangement requiring a 40 percent exchange to the MMA was determined after conducting technical studies.

He further added that as US dollar inflows into the MMA increase, the foreign currency disbursed for economic activities will also rise.