Government Sees 40 Percent Rise in Dollar Remittance, Says Muizzu
Photo: Envato
President Dr Mohamed Muizzu announced that USD 150 million has been remitted to banks since January, marking a 40 percent increase from previous figures.
He said this on the first episode of Rayyithunnaa Eku, meaning With the Citizens, a podcast hosted by the President’s Office. Citizens are welcome to send in their questions to the president directly via Rayithunge Adu portal linked on the President’s Office website.
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Expressing satisfaction with the widespread compliance with dollar remittance regulations, he noted that approximately 95 percent of those required to remit dollars to banks are doing so, with efforts underway to include the remaining five percent. He emphasised the strong cooperation in dollar remittance and highlighted the growing revenue from the expanding tourism sector, which continues to benefit citizens.
As part of ongoing reforms, President Muizzu announced key measures, including increasing the USD 500 bank rate allocation for travellers to USD 1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) opportunities.
Describing dollar remittance as highly beneficial, he thanked all those involved in its implementation, stating that it would drive national progress and benefit all citizens. He also 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.
