The Maldivian government has announced plans to amend several laws to tackle the ongoing dollar shortage that has been affecting the economy. This decision was revealed in a press conference at the President's Office earlier today.
Attorney General Ahmed Usham stated that the government will begin revising the Pensions Act and the Income Tax Act within the next two weeks. The amendments aim to address the current foreign exchange crisis and enhance revenue collection mechanisms.
Usham indicated that the government would collaborate with the Maldives Inland Revenue Authority (MIRA) to boost revenue. The government will also coordinate with the Central Bank of Maldives (MMA) to address the broader foreign exchange challenges, said Usham.
"We have thoroughly discussed and decided on necessary legal amendments to tackle the dollar crisis. These changes will be implemented in the coming weeks," Usham said.
In related news, the Bank of Maldives (BML) had previously announced a halt on issuing dollars for MVR-linked cards due to difficulties in acquiring foreign currency. However, in response to significant public backlash and government pressure, this decision has been reversed.
The forthcoming legal amendments and the reinstatement of card services are expected to provide some relief to individuals and businesses affected by the foreign exchange shortages. The government remains committed to resolving the currency crisis and supporting the Maldivian economy.
Attorney General Ahmed Usham stated that the government will begin revising the Pensions Act and the Income Tax Act within the next two weeks. The amendments aim to address the current foreign exchange crisis and enhance revenue collection mechanisms.
Usham indicated that the government would collaborate with the Maldives Inland Revenue Authority (MIRA) to boost revenue. The government will also coordinate with the Central Bank of Maldives (MMA) to address the broader foreign exchange challenges, said Usham.
"We have thoroughly discussed and decided on necessary legal amendments to tackle the dollar crisis. These changes will be implemented in the coming weeks," Usham said.
In related news, the Bank of Maldives (BML) had previously announced a halt on issuing dollars for MVR-linked cards due to difficulties in acquiring foreign currency. However, in response to significant public backlash and government pressure, this decision has been reversed.
The forthcoming legal amendments and the reinstatement of card services are expected to provide some relief to individuals and businesses affected by the foreign exchange shortages. The government remains committed to resolving the currency crisis and supporting the Maldivian economy.
