President Dr Mohamed Muizzu has expressed optimism that the Maldives will overcome its long-standing foreign currency shortage within the next two years, allowing the public to access US dollars at official bank exchange rates by 2027.
The President made the remarks during the premiere episode of his new podcast series, Spot On, which was released on social media on Tuesday. The show aims to directly address public concerns, with the first episode focusing on economic challenges and aspirations voiced by the country’s youth.
Addressing the persistent dollar scarcity, President Muizzu acknowledged that the issue cannot be fixed overnight but said significant progress is already underway. “The dollar issue will take time to resolve, but if the measures we are implementing go as planned, I am confident we will overcome it. By 2027, we should be able to access dollars at the original bank rate,” he stated.
He highlighted a notable shift in the tourism sector, where businesses have increasingly started depositing foreign currency into local banks—an encouraging trend that he said reflects growing confidence in the system.
To support this transition, the administration has introduced a series of policy reforms aimed at curbing reliance on the black market. One of the key measures is a new foreign exchange law, passed earlier this year, which requires businesses that earn in foreign currency to deposit those earnings into local banks.
Under the regulation, all tourism businesses must declare a per capita dollar figure for each visitor. Meanwhile, non-tourism enterprises generating more than USD 15 million annually are obligated to deposit at least 20 percent of their foreign earnings into the Maldivian banking system.
According to President Muizzu, these efforts are designed to bolster transparency and strengthen foreign exchange reserves within the formal financial structure, which in turn will help bridge the gap between official and parallel market rates.
He reaffirmed the government’s commitment to ensuring economic stability and noted that improving access to dollars remains a top priority. “We are taking consistent and structured steps to phase out the black market and create a fairer, more transparent system for everyone,” he said.
The new podcast initiative, launched as part of the President’s effort to engage more closely with the public, particularly young people, is expected to cover a range of topics in the coming episodes, offering a platform for open dialogue on national issues
