Minister for Economic Development and Trade Mohamed Saeed said on Thursday that the Maldives government will be working to stabilize the issue of low US Dollar availability within this year.
In the 'Ahaa Forum' - where cabinet members answer questions put forward by the citizens - Minister Saeed said one of the biggest obstacles businessowners in Maldives face is unavailability of US Dollars at the official rate. He said they have to often purchase dollars at a higher rate than the official one.
“Even though the official rate is MVR 15.42 there is a very active dollar market. We have to face this reality. We have very targeted goals for our official work. I guarantee you that we will work to stabilize this exchange rate within the year,” Minster Saeed said.
The US Dollar rate had increased to USD 1 per MVR 18 in the black market in the middle of last year. In the previous year, the rate was maintained at MVR 17.20-17.50 per dollar. During the Covid-19 pandemic, this price had risen to MVR 20.
While the availability of US Dollars has been limited, Maldives’ reserves has decreased immensely recently as well.
Saeed said the government will put in more work to create brighter opportunities for businesses as well. He said, out of the first MVR 100 million or MVR 50 million loans leased to businessowners, 25 percent will be allocated to people with special needs.
“We will change these circumstances. Not too late, too. God be willing, you will be able to see changes very soon,” Saeed said.
Sign In
