Maldives’ Dollar Troubles to Ease in Coming Months, Says Economic Minister

Minister of Economic Development and Trade, Mohamed Saeed, expressed optimism regarding the resolution of the dollar shortage issue plaguing the Maldives, projecting a timeframe of two to three months for a solution.

Addressing the media prior to the Maldives Investment Forum scheduled to commence in Dubai, Saeed outlined two key factors contributing to the ongoing dollar scarcity in the country.

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The challenges pertaining to dollar availability and fluctuating exchange rates have persisted over an extended period. Presently, the acquisition of dollars within the Maldives primarily occurs through unofficial channels, commanding a premium of approximately two rufiyaa above the official rate.

Highlighting a recent surge in tourist arrivals, Saeed underscored the groundwork laid for economic rejuvenation, emphasising the imminent commencement of economic activities.

“Our focus now shifts to action,” Saeed remarked. “With a projected 5.5 percent improvement in the Maldives’ economy, coupled with a notable increase in tourist arrivals, we anticipate a corresponding boost in economic activities.”

Regarding outstanding government liabilities, Saeed disclosed a reduction from MVR 7 billion to below 50 percent of the initial figure, attributing progress to concerted efforts to rectify mismanagement.