Monday
16th Sep 2024
Dhivehi Edition
President Muizzu, Photo: President's Office.
President Dr. Mohamed Muizzu has revealed that his administration will implement crucial legal and systemic changes in the near future to strengthen the dollar and enhance the Maldives' economic situation. During an interview with Sangu TV, President Muizzu emphasized that the primary objective is to stabilize the nation's economy, with the foundation already correctly laid out.
Addressing the ongoing currency challenges, the President stated that forthcoming reforms will significantly bolster the country’s dollar reserves. He assured that these measures would soon reflect positively on the nation’s financial stability.
Furthermore, President Muizzu outlined his administration’s commitment to addressing outstanding financial obligations. He pledged that dues to employees, businesses, and medium-sized organizations would be settled within the next two months, with a target to clear these by the end of November.
In a significant move to further strengthen the economy, the President announced upcoming amendments to regulations. These changes will mandate that foreign currency beneficiaries deposit their funds in Maldivian banks. According to President Muizzu, this initiative aims to retain more dollars within the country, thereby maintaining a stable exchange rate for a longer period.
This announcement comes as part of the government’s broader strategy to enhance transparency and accountability in managing public finances. Since taking office, President Muizzu has been vocal about his administration’s efforts to rectify economic challenges inherited from previous regimes, with a particular focus on currency stabilization and fiscal responsibility.