Dollar rate maintained amid a time of high demand: Saeed

Minister of Economic Development and Trade, Mohamed Saeed has declared that the dollar rate has been maintained at the same value and that the country has risen from the challenging economic situation that it had been in when the present administration had assumed office.

He asserted that consequent to the measures and strenuous efforts implemented under President Dr Mohamed Muizzu’s firm instructions, the country has ascended from the difficult state it was in around last November.

“Dollar rate has been maintained or declined further than before despite the high demand for foreign currency with Umrah pilgrimages as well as rising imports due to Ramadan,” Saeed stated.

He had stressed that this development was achieved within a brief amount of time as a result of the implementation of steady and remarkably far sighted measures led by the President such as the discontinuation of public account overdraw.

“We will be implementing very targeted efforts, measures that we have planned ahead for the future. Subsequent to these efforts, dollar rate will improve further in the near future,” he remarked.

Revealing that the next most important aspect of the plan implemented by the State is growing the amount of foreign currency generated into the country, Saeed emphasized that an overseas company has been contracted to begin bunkering procedures in the northernmost atoll of the country, Ihavandhippolhu (Haa Alif), under efforts to diminish the dependency on tourism and branch out the economy into different industries within the plan.

This was said in regards to the agreement signed between the largest independent global energy trader, Vitol to launch the international bunkering project being facilitated in Ihavandhippolhu by State Trading Organization (STO).

Saeed had previously declared intentions to commence bunkering services in Ihavandhippolhu before the end of July amid his recent visit to the atoll.

The practice of printing billions of rufiya each year to counter the costs of running the State was voided last December after which the administration had devised and implemented a strong fiscal reform agenda to cover costs and manage debts.

This reform agenda that was notably commended by the International Monetary Fund (IMF) instills tactics to decrease unnecessary costs within the State’s expenditures amongst which reducing hosting of large ceremonies as well as trips overseas is included.