In a bold and optimistic declaration, President Dr. Mohamed Muizzu has promised that the Maldives will overcome its long-standing dollar shortage by 2027, marking a turning point in the nation’s financial resilience and economic sovereignty.
Speaking on the debut episode of his new podcast Spot On, the President laid out a clear vision for restoring stability to the foreign exchange market, pledging that Maldivians will soon be able to access U.S. dollars at official bank rates—ending reliance on unstable black-market alternatives.
“The dollar issue will take time to resolve,” President Muizzu acknowledged, “but the groundwork we’ve already laid shows real promise. If these policies continue on track, we will overcome it. By 2027, people should be able to access dollars at the official rate.”
He attributed early signs of success to improved dollar inflows from the country’s tourism sector, which he said is now depositing revenue into local banks more consistently—a significant shift from previous trends.
To solidify these gains, the administration has enacted sweeping reforms aimed at curbing illegal currency trading. A new foreign exchange law, introduced earlier this year, now requires businesses that earn in U.S. dollars to declare and deposit a portion of their income through official banking channels.
Under the new regulation:
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Tourism businesses must declare a per capita rate for each tourist arrival.
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Non-tourism companies generating over USD 15 million annually are mandated to deposit at least 20% of their foreign income into Maldivian banks.
“These changes are designed to dismantle the parallel dollar market and reinforce the strength of our banking sector,” President Muizzu said, emphasizing that transparency and regulation are key to building long-term trust in the system.
The President made it clear that ensuring access to foreign currency remains a core priority for his administration, as part of broader efforts to modernize the economy, empower local businesses, and protect everyday citizens from economic uncertainty.
By setting a clear deadline and mobilizing strategic legislation, Dr. Muizzu is positioning his administration as one committed to sustainable reform and bold leadership. As the nation braces for an economic transformation, 2027 now looms as a pivotal year in the Muizzu government’s vision for financial sovereignty and national prosperity.
