President Dr Mohamed Muizzu has expressed optimism that the Maldives’ enduring foreign currency shortage will be resolved within the next two years, enabling the public to access U.S. dollars at official bank rates by 2027.
The President made the remarks during the debut episode of Spot On, a new social media podcast series launched to engage directly with the Maldivian youth. Addressing foreign exchange concerns raised by young citizens, he acknowledged the issue’s complexity but assured that ongoing government measures are laying the groundwork for lasting solutions.
“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,” President Muizzu stated. “By 2027, we should be able to access dollars at the original bank rate.”
He highlighted recent developments in the tourism sector, noting that businesses have begun depositing foreign currency into local banks on a regular basis—a trend he described as promising. “We have introduced several steps to systematically phase out the black market for foreign exchange,” he added.
One of the key reforms supporting this goal is the newly enacted foreign exchange law, introduced earlier this year. Under this regulation, all businesses that earn in foreign currency are now required to deposit those funds into Maldivian banks. The policy mandates that tourism operators declare a per capita amount for each guest, while non-tourism companies earning more than USD 15 million annually must deposit at least 20 percent of their foreign income into domestic banks.
The President said the policy is designed to boost dollar reserves within the formal financial system and increase market transparency, which in turn will reduce reliance on unofficial exchange markets.
As part of his administration’s broader economic reform agenda, President Muizzu reaffirmed his commitment to resolving the foreign currency shortage and ensuring that citizens can access dollars conveniently and legally.
Improving foreign exchange stability remains a central priority for the government, as it works to build a more resilient and transparent financial system in the Maldives.