More Mega Projects Underway to Solve Maldives’ USD Shortage, Says Muizzu

President Dr. Mohamed Muizzu has addressed concerns over the US dollar shortage in the Maldives, stating that resolution of the issue hinges on the country’s economic reforms and the initiation of additional large-scale projects. 

Speaking on the Q&A platform ‘Raeesge Javaab’, Muizzu responded to queries from residents regarding the challenges they face in accessing US dollars.

Ahmed Sameer, a resident of K. Maafushi, highlighted the difficulties encountered by locals in acquiring US currency. Muizzu assured citizens that his administration is actively working to alleviate the shortage of US dollars. 

Responding to Sameer’s query about the installation of a USD ATM in Maafushi, a popular tourist destination, Muizzu confirmed plans for its installation within the current year. Furthermore, he pledged not to delay crucial projects until the final year of his presidency, emphasising the imminent commencement of the land reclamation project in the island.

The scarcity of US dollars has led to a surge in the black market exchange rate, surpassing MVR 18. This development has exacerbated inflation in the Maldives, a nation heavily reliant on imports.