The Maldives President has expressed hopes to bring down the US dollar exchange rate at the regular and black market to the bank rate of MVR 15.42 before the end of 2027.
He said this during a podcast in which he assured the exchange rate issues will be solved during his administration while highlighting the requirement for extra steps in resolving the issue.
The Maldives Monetary Authority (MMA) has already taken steps by implementing a foreign currency exchange regulation that mandates tourist resorts to exchange USD 500 per tourist or 20% of the total monthly earnings with local commercial banks.
President Muizzu had highlighted the continued support from all industry stakeholders.