Minister of Tourism and Environment Thoriq Ibrahim has stated that the value of the US dollar in the black market is declining as a result of measures implemented by the government.
Speaking on the government's 'Ahaa Forum' on Saturdaynight, Thoriq addressed a public inquiry regarding the government's efforts to eradicate the black market for dollars and the expected timeline for visible results.
He explained that the economy is already benefiting from a regulation requiring tourism establishments to allocate a certain amount of their earnings in dollars. Additionally, from September this year, government-owned companies will be able to access dollars at the official exchange rate.
Thoriq also highlighted the government’s decision to provide an additional USD 1,500 for Maldivian pilgrims performing Umrah during the upcoming Ramadan, a move he described as a positive outcome of the regulations imposed on resorts.
According to the minister, these measures are directly contributing to the depreciation of the dollar in the black market. He added that enforcing dollar transactions at all tourism establishments, as required by law, will further strengthen the economy.
President Dr. Mohamed Muizzu has also announced that travelers going abroad will receive an increase in their official dollar allocation, with the current USD 500 limit being raised to USD 1,000 in the first quarter of 2026.
Speaking on the government's 'Ahaa Forum' on Saturdaynight, Thoriq addressed a public inquiry regarding the government's efforts to eradicate the black market for dollars and the expected timeline for visible results.
He explained that the economy is already benefiting from a regulation requiring tourism establishments to allocate a certain amount of their earnings in dollars. Additionally, from September this year, government-owned companies will be able to access dollars at the official exchange rate.
Thoriq also highlighted the government’s decision to provide an additional USD 1,500 for Maldivian pilgrims performing Umrah during the upcoming Ramadan, a move he described as a positive outcome of the regulations imposed on resorts.
According to the minister, these measures are directly contributing to the depreciation of the dollar in the black market. He added that enforcing dollar transactions at all tourism establishments, as required by law, will further strengthen the economy.
President Dr. Mohamed Muizzu has also announced that travelers going abroad will receive an increase in their official dollar allocation, with the current USD 500 limit being raised to USD 1,000 in the first quarter of 2026.
