President Dr. Mohamed Muizzu has expressed confidence that the long-standing dollar shortage in the Maldives will be resolved by 2027, with citizens gaining access to foreign currency at official bank rates.
Speaking during the first episode of the new podcast "Spot On", released today on social media, President Muizzu addressed key concerns raised by the youth—chief among them, the persistent foreign exchange challenges.
“The dollar issue will take time to resolve, but if the measures we are implementing go as planned, I am confident we will overcome it. By 2027, we should be able to access dollars at the original bank rate,” the President said.
He emphasized that the tourism sector has already begun regularly depositing dollars into banks, a move he credited as an encouraging sign of progress. The government is continuing to support these efforts and remains focused on long-term, sustainable solutions.
“We have introduced several steps to systematically phase out the black market for foreign exchange,” President Muizzu added.
A new foreign exchange law, enacted at the beginning of this year, mandates that all businesses earning revenue in foreign currency must deposit it with banks operating in the Maldives. Under the regulation, tourism businesses must declare a per capita amount for each tourist, while non-tourism enterprises earning more than $15 million annually are required to deposit at least 20% of their foreign income into local banks.
The President noted that this policy aims to increase transparency and boost dollar reserves within the formal banking system, thereby narrowing the gap between official and black-market rates.
As the government continues to implement its economic reforms, President Muizzu reassured the public that improving access to dollars remains one of the administration's top priorities.