President Dr. Mohammed Muizzu has reaffirmed his commitment to resolving the dollar shortage in the Maldives, despite some dissatisfaction with the measures being implemented. In recent statements, President Muizzu outlined steps being taken to address the ongoing dollar crisis, emphasizing the administration’s focus on the public interest.

Referring to the recent deduction of dollars from bank cards, President Muizzu highlighted that companies earning foreign exchange are currently trading these funds in the black market. To counter this, he announced that changes in the Maldives Monetary Authority (MMA) regulations would compel banks to align with new guidelines aimed at stabilizing the dollar supply.

As part of the government's strategy to manage the dollar situation, President Muizzu indicated that several regulatory amendments will be introduced. These include adjustments to MMA regulations, money exchange rules, and specific regulations related to foreign direct investment and business profit taxes.

President Muizzu acknowledged that these decisions might not be popular with everyone but assured that they are intended to benefit the broader public. The government has also decided to implement import duties on goods imported by companies that earn in dollars. According to official sources, this measure is expected to increase the amount of dollars held in domestic banks, thereby improving liquidity and supporting the Maldivian economy.

The President's address underscores the government's ongoing efforts to tackle economic challenges and stabilize the financial environment in the Maldives.