Former President Mohamed Nasheed said today that the exchange rate for the US dollar remains unchanged and argued that the government's current economic policies are failing to yield results.
Speaking at a press conference held by the MDP, Nasheed noted that the dollar continues to trade between MVR 20 and MVR 21. He observed that despite new government regulations, there has been no visible shift in commercial transactions.
"The price of the dollar has not changed; it remains at 20 to 21 Rufiyaa. We are not seeing any change in business transactions resulting from the government's regulations. Registered money changers are largely no longer providing exchange services," Nasheed said.
"This is because the mandatory rates imposed on them are not commercially viable. As a result, they have ceased operations, and the dollar continues to be sold on the black market for 20 to 21 Rufiyaa."
Nasheed further highlighted that the high cost of the dollar continues to drive up commodity prices, placing a significant financial burden on the public.
He added that the recent legislative and regulatory amendments would not resolve the dollar shortage and are instead causing harm to Maldivian businesses.
In an effort to address the dollar crisis, the government has tightened enforcement and increased the mandatory foreign currency conversion requirement to 40 percent of total revenue for resorts and businesses earning more than $25 million annually.
The government maintains that these measures will increase the flow of dollars into the banking system, thereby resolving the shortage and stabilising the exchange rate.
