MTA calls against levying vessel fee in dollars

Maldives Trade Association (MTA) has called upon Maldives Ports Limited (MPL)’s to reconsider their decision to levy fees imposed on vessels in US dollars starting next month.

MTA, in a statement on Monday, cited importers of goods as parties that have to purchase US dollars at an expensive rate in light of the dollar shortage faced in the Maldives.

The association stressed that importers who have been paying fees levied in Maldivian Rufiyaa will be forced to purchase US dollars at an expensive rate if the change is made.

“One of the main reasons behind this is the fact that Maldivian banks are short of US dollars to accommodate the demand of the businesses,” the statement read.

MTA further said prices of imports will rise in line with the expenses incurred by businesses to purchase dollars.

They described the decision to levy fees imposed on vessels in US dollars at a time of economic obstructions and dollar shortage as one they believed was incorrect. 

MTA cited the policy under which fees levied on businesses by State-Owned Enterprises (SOE)’s are paid in Maldivian Rufiyaa as a way the prices of imports can be maintained at the same rates while it offers easements to businesses.

Henceforth, the association urged to uphold the policy.