President Dr Mohamed Muizzu has defended his administration’s foreign exchange reforms, saying the measures are based on extensive research, technical assessments and consultation, and will ultimately strengthen the Maldivian economy.
Speaking on PSM’s “Nation Chat” programme, President Muizzu said the government is reshaping foreign exchange policies while enforcing legal provisions that had previously not been fully implemented.
“Our objective is to advance the economy. Therefore, we will not undertake any action that hinders economic progress,” the President said, expressing confidence that the foreign exchange measures would produce positive results.
Muizzu acknowledged differing political views over the reforms but said the government’s decisions are driven by economic considerations rather than political calculations.
Reforms backed by months of research
The President stressed that proposed laws and amendments are developed following months of consultation, examination of economic data, technical evaluations and consideration of international practices.
“We do not act arbitrarily,” Muizzu said, adding that qualified technical teams conduct research before major policy decisions are taken.
Government targets stronger banking system
The administration and the Maldives Monetary Authority (MMA) are pursuing broader reforms aimed at strengthening the domestic banking sector and increasing the circulation of foreign currency through official financial channels.
The government is also seeking to increase the use of the Maldivian Rufiyaa for domestic transactions, reducing the economy’s heavy dependence on the US dollar.
Foreign exchange reforms have become a major focus of the administration as the Maldives works to improve dollar availability through the formal banking system and address longstanding pressures in the foreign currency market.
President Muizzu maintained that despite criticism surrounding some of the measures, their overall impact would be beneficial to the economy.
