President Dr. Mohamed Muizzu has reaffirmed his administration's commitment to resolving the ongoing dollar shortage, describing it as a critical inherited economic challenge. Speaking with residents of K. Huraa during his tour of Malé Atoll and Ari Atoll, the President outlined steps to address the issue.
According to the president, a cornerstone of the government’s economic strategy involves mandating that a portion of incoming foreign currency be exchanged through Maldivian banks. This measure, he explained, aims to directly benefit citizens and stabilize the local economy.
President Muizzu revealed that the Maldives Monetary Authority (MMA) has submitted legislation to Parliament that outlines a comprehensive legal framework for foreign currency transactions. He confirmed that the bill, in its original draft, remains unchanged.
Expressing confidence in Parliament’s cooperation, the President urged lawmakers to pass the legislation before the current session concludes. He emphasized that enacting the bill would promote economic prosperity and increase national wealth.
The proposed legislation seeks to regulate foreign currency transactions, oversee international currency movements, standardize domestic currency operations, and establish clear protocols for handling foreign currency in the Maldives.
Residents of K. Huraa welcomed the President’s assurances, expressing hope that these measures would bring much-needed stability to the national economy.
According to the president, a cornerstone of the government’s economic strategy involves mandating that a portion of incoming foreign currency be exchanged through Maldivian banks. This measure, he explained, aims to directly benefit citizens and stabilize the local economy.
President Muizzu revealed that the Maldives Monetary Authority (MMA) has submitted legislation to Parliament that outlines a comprehensive legal framework for foreign currency transactions. He confirmed that the bill, in its original draft, remains unchanged.
Expressing confidence in Parliament’s cooperation, the President urged lawmakers to pass the legislation before the current session concludes. He emphasized that enacting the bill would promote economic prosperity and increase national wealth.
The proposed legislation seeks to regulate foreign currency transactions, oversee international currency movements, standardize domestic currency operations, and establish clear protocols for handling foreign currency in the Maldives.
Residents of K. Huraa welcomed the President’s assurances, expressing hope that these measures would bring much-needed stability to the national economy.
