President Dr. Mohamed Muizzu has announced that USD 150 million has been remitted to banks since January, marking a 40% increase from previous figures.
Speaking on the ‘Rayyithunnaa Eku’ podcast hosted by the President’s Office, he expressed satisfaction with the widespread compliance with dollar remittance regulations. He noted that approximately 95% of those required to remit dollars to banks are doing so, with efforts ongoing to ensure full compliance.
The President highlighted the strong cooperation in dollar remittances and emphasized the growing revenue from the expanding tourism sector, which he said continues to benefit citizens. As part of ongoing economic reforms, he announced several key measures, including raising the USD 500 bank rate allocation for travellers to USD 1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) opportunities.
Describing the remittance system as highly beneficial, President Muizzu thanked those involved in its implementation. He expressed confidence that the dollar exchange rate would decline in the future and that Government-owned companies would reduce their reliance on the black market for foreign currency purchases.
Speaking on the ‘Rayyithunnaa Eku’ podcast hosted by the President’s Office, he expressed satisfaction with the widespread compliance with dollar remittance regulations. He noted that approximately 95% of those required to remit dollars to banks are doing so, with efforts ongoing to ensure full compliance.
The President highlighted the strong cooperation in dollar remittances and emphasized the growing revenue from the expanding tourism sector, which he said continues to benefit citizens. As part of ongoing economic reforms, he announced several key measures, including raising the USD 500 bank rate allocation for travellers to USD 1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) opportunities.
Describing the remittance system as highly beneficial, President Muizzu thanked those involved in its implementation. He expressed confidence that the dollar exchange rate would decline in the future and that Government-owned companies would reduce their reliance on the black market for foreign currency purchases.
