By Malé, Maldives — President Dr. Mohamed Muizzu has dismissed rumors suggesting changes to the recently proposed Foreign Exchange Bill, emphasizing that the government’s policy remains firm and aligned with strengthening the country’s economic resilience.
Speaking in response to misinformation circulating online, President Muizzu reiterated that the Foreign Exchange Bill is a critical step towards enforcing regulations that will increase dollar circulation within the formal banking system and enhance economic opportunities for all Maldivians.
“It is very good that the Foreign Exchange Bill requires $500 to be marked for every tourist visiting resorts. I commend the Maldives Monetary Authority (MMA) for their efforts. As I stated on November 17, 2024, it is vital to implement a Foreign Exchange Act to strengthen enforcement,” the President said.
Key Benefits of the Foreign Exchange Bill
President Muizzu highlighted the following transformative measures introduced under the bill and the government’s broader economic policy:
- Strengthening Dollar Circulation:
- The bill mandates $500 per tourist to be deposited by resorts, ensuring greater dollar flow into the banking system.
- High-earning non-tourism sectors generating substantial foreign income will also be required to deposit a portion of their earnings into local banks, amplifying dollar availability.
- Upcoming Initiatives:
- July 2025: Government-owned companies will begin receiving dollars at the official exchange rate, reducing dependence on parallel markets.
- First Quarter 2026:
- Doubling the $500 issuance per Maldivian passenger departing from Velana International Airport to $1,000.
- Increasing credit card limits to provide greater financial flexibility.
- July 2025: Raising the proportion of dollars allocated to banks for telegraphic transfers (TTs) to support local businesses importing goods.
“These green changes will bring dollar prosperity to the general public and small and medium enterprises,” the President noted, assuring citizens that the reforms would directly benefit households and businesses.
Call for Public Support
President Muizzu thanked the people of Maldives for their continued cooperation and trust in the government’s policies. “I extend my gratitude to the public for supporting these initiatives that will benefit the common people,” he said.
The President’s remarks come amid widespread appreciation for the government’s efforts to ensure economic stability while combating baseless rumors intended to undermine public confidence. He urged citizens to rely on official sources for accurate information regarding the government’s policies and decisions.