President Dr Mohamed Muizzu has said that the government’s measures to effectively address the foreign currency crisis are research-based, and expected to bring about positive changes.
The President made the statement while speaking on PSM’s Nation Chat Programme.
Addressing concerns regarding the dollar crisis, President Muizzu said the government is working on strengthening the country’s economy, including formulating policies regarding the dollar issues as well as enforcing existing laws that were not previously being enforced.
The President acknowledged criticism of the measures but said some politicians may be speaking against them for political reasons, while the public generally supports the government’s efforts. He said the public is aware that the measures are necessary to resolve the country’s economic situation as well as the foreign currency crisis. He assured that the government will not introduce measures that hinder economic growth, and that the measures will produce positive results.
The President added that the measures are fact-based, and that they were developed after consultations, extensive technical evaluations and studies.
The central bank, Maldives Monetary Authority (MMA) is working to strengthen the banking industry and increase the number of domestic banks. The central bank hopes to increase the amount of foreign-exchange earnings circulating through Maldivian banks. The Foreign Exchange Act is being amended to require foreign-currency earners, including resorts and guesthouses, to deposit 40 percent of their foreign-exchange earnings with local banks each month.