According to MATATO, one of the reasons why the dollar scarcity issue has not been resolved is due to high government spending and borrowing.
The Maldives Association of Travel Agents and Tour Operators (MATATO) has stated that the dollar issue has started to adversely affect businesses.
In a press release, MATATO stated that it was becoming increasingly difficult to obtain dollars and conduct economic activities.
"One of the reasons why the dollar issue has escalated is the lack of foreign currency in banks. That is why banks are issuing that amount of money to businesses in the form of bonds," MATATO said.
According to MATATO, one of the reasons why the issue has not been resolved is due to high government spending and borrowing.
"To address this issue, significant changes in fiscal policies are required," MATATO stated in its statement.
MATATO raised concerns that the central bank, Maldives Monetary Authority (MMA), had not taken adequate actions to resolve the dollar issue.
The black market price of the US Dollar is now above MVR 18.
Minister of Economic Development and Trade Mohamed Saeed has stated that the dollar issue will be resolved in the next three months.
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