In the first episode of the ‘Rayyithunnaa Eku’ podcast, President Dr. Mohamed Muizzu announced a significant milestone: since January, USD 150 million has been remitted to Maldivian banks, marking a 40% increase compared to previous figures. He attributed this surge to enhanced compliance with dollar remittance regulations, noting that approximately 95% of obligated entities are adhering to the guidelines, with efforts underway to include the remaining 5%.
The President highlighted the robust cooperation in dollar remittance and underscored the growing revenue from the expanding tourism sector, which continues to benefit citizens. As part of ongoing reforms, he announced key measures, including increasing the USD 500 bank rate allocation for travellers to USD 1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) opportunities.
Expressing gratitude to all stakeholders involved in implementing these beneficial measures, President Muizzu emphasized that such initiatives would drive national progress and benefit all citizens. He also expressed confidence that the dollar exchange rate would decline in the future and that government-owned companies would reduce their reliance on the black market for foreign currency purchases.
These developments reflect the government’s dedication to fostering a resilient and self-reliant economy, ensuring prosperity for all Maldivians.
