President Dr. Mohamed Muizzu has addressed the issue of the dollar's status in the Maldives, foreseeing its improvement with the launch of major projects and increased investments. Answering a question on "Raees ge Javaab" series, a platform for direct public interaction on various issues, President Dr. Muizzu emphasised the need for economic reforms to overcome the stagnation of the dollar.
In response to a question, President Dr. Muizzu asserted that resolving the dollar stagnation requires expanding the economy. He expressed optimism that with the initiation of significant projects and a boost in investments, the dollar's situation will hopefully improve, making it more accessible and expeditious.
Meanwhile, Minister of Economic Development and Trade, Mohamed Saeed, recently expressed confidence in resolving the ongoing dollar issue in the coming months. He attributed a substantial part of the problem to the previous government's utilization of funds from the Sovereign Development Fund (SDF), originally designated for debt repayment.
Minister Saeed also highlighted the existence of a black market for the dollar, exacerbated by regional tensions in the Middle East and fluctuations in global oil prices. He stressed the importance of mitigating reliance on the black market, aiming to rectify the dollar issue within a timeframe of two to four months.