Governor of the Maldives Monetary Authority (MMA) Ahmed Munawar has said that in a time where efforts to solve Maldives' USD crisis is underway, salaries need to be given in MVR in order to raise the Rufiyaa's demand and that the changes need to be brought by the end of 2030.

In response to a journalist’s question at a press conference at the President’s Office, Munawar said the Maldives Monetary Authority’s aim is for all transactions in the Maldives to be conducted in rufiyaa.

Munawar said that a lot of people working in Maldives who generate revenue in USD do their exchanges on the black market.

However, he said the MMA does not intend to introduce all the changes at once, but will implement them gradually, with the aim of having all financial transactions conducted in MVR by the end of 2030.

"Our vision is to have all transactions being made in MVR. When this change is brought about, what else will happen? For example, the tourism industry is paying rent to the government in a foreign currency. That also needs to change," said Munawar.

"Similarly, salaries for example, even at Trans Maldivian Airways (TMA) or a resort, are being given in USD. Salaries being given in USD also needs to change. This is the only way MVR demand will increase."

Munawar went on to say that macro changes need to brought about and that state budget policy will see stabilization as well. He said that even though MMA's current aim is for Maldives to have a managed float (floating exchange rate), MMA needs to have a decent reserve when the country goes into a managed float state.

Munawar said that an amendment to the Foreign Currency Act will be submitted to the Parliament where 40 percent of the revenue generated foreign currency by resorts and guesthouses is to be exchanged at banks every month.

Munawar said that along with the foreign currency that is to be exchanged at banks, the act will see amendments in strengthening monitoring steps as to how the rest of the revenue is spent.