Minister of Tourism and Environment Thoriq Ibrahim has said last night that the positive effects of the government's efforts to shut down the dollar black market is being seen now.
Minister of Tourism and Environment Thoriq Ibrahim has said last night that the positive effects of the government's efforts to shut down the dollar black market is being seen now.
Responding to a question posed by a member of the public at the 'Ahaa' Forum last night, the Minister said that the price of dollars in the black market is decreasing now.
He said that this is due to the law stipulating that tourism businesses must exchange a set amount of dollars at local banks each month. He asserted that a permanent solution to the issue would be reached soon.
"We all know without a doubt that now, the rates for dollars in the black market is also decreasing," Thoriq said.
Thoriq said that the President's decision to increase dollar limit to USD 1500 for those traveling to Meccah for Umrah this Ramadan also shows the improvement seen in dollar shortage issues.
Currently, those travelling abroad can purchase up to USD 500 at official dollar exchange rates from Bank of Maldives. Thoriq said that it is due to confidence that the dollar shortage issue will be resolved that the President has announced that this will be increased to USD 1000 per passenger within the first quarter of next year.
Under the new foreign exchange laws for tourism enterprises, over USD 50 million had been exchanged at local banks by the end of January, the central bank MMA has said.
Minister of Economic Development and Trade Mohamed Saeed also commented on the issue.
Saeed said that the President had faced many hardships due to the dollar shortages. However, the issue is now being resolved through the cooperation of the tourism industry, he said.
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