The Maldives Monetary Authority (MMA) has held discussions with tourism sector entrepreneurs to increase the amount of dollars in circulation in the banking system.
The central bank did not disclose any details of the meeting held on Wednesday.
Sources with information on the matter and some government officials told Adhadhu that the discussion was focused on increasing the amount of dollars entering the banking system.
The MMA presented its recommendations while tourism entrepreneurs also shared their views.
According to figures released by MMA on Tuesday, resorts generated USD 4.5 billion in revenue last year, out of which only USD 2.3 billion or 52 percent was deposited in banks in Maldives.
But the amount they exchanged through Maldivian banks is only MVR 68 million.
Meanwhile, President Dr. Mohamed Muizzu and Economic Minister Mohamed Saeed pledged to solve the dollar shortage issue earlier this year.
The government recently decided to require businesses earning in dollars to pay taxes and other fees to the state in dollars and is also considering requiring people with dollar-denominated income to exchange a specified amount from the banks.
Adhadhu understands that there are concerns among businesses, including tourism entrepreneurs, about depositing their dollar revenue into domestic banks.
One key concern is that the government wants to require a certain percentage of the entire business revenue to be exchanged through the banks.
However, businesses have no concerns about exchanging a certain amount of revenue through the banks.
