Muizzu Assures Action on Dollar Shortage Crisis

President Dr Mohamed Muizzu pledges to resolve the dollar shortage, as promised.

During his tour of Ari Atoll and Male’ Atoll, Muizzu confirmed that whilst the dollar shortage remains an inherited economic challenge, steps are being taken to address it.

As part of the action course, he announced that the economic strategy requires a portion of incoming foreign currency to be exchanged through Maldivian banks. He further stated that the central bank has drafted and submitted the relevant legislation to Parliament, noting that the bill remains unchanged from its original form.

The legislation introduced to Parliament this week aims to establish a legal framework for foreign currency transactions in the country. It aims to regulate international currency movements, standardise domestic currency operations, and implement clear protocols for foreign currency dealings. 

Muizzu expressed optimism that Parliament would pass the bill before the current session concludes.

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