Former Kaashidhoo Member of Parliament Abdulla Jabir has credited President Dr Mohamed Muizzu with introducing measures that have made US dollars earned by businesses available to the public through the banking system.

Speaking on MMTV's Bodu Khabaru programme, Jabir said addressing the country's US dollar shortage required difficult decisions. He said the Government had taken steps to improve public access to foreign currency while maintaining the value of the US dollar.

Jabir said requiring businesses that earn revenue in US dollars to deposit a portion of their earnings into local banks was a major achievement by President Dr Muizzu.

He said the measure made it possible for those US dollars to be made available to the public through the banking system, adding that implementing the policy and the necessary procedures had not been an easy task.

Jabir also said the country's foreign currency challenges would be addressed through major investments, highlighting Project Ayla as one such development expected to bring US dollars into the Maldives. He described the project as the country's first sustainable township development, being implemented at Dhekunanafaru, Dhigurah and Kuramaadhoo in Noonu Atoll with an investment of USD 790 million.

The Foreign Currency Act, which came into effect on 1 January last year, requires resorts in the Maldives to channel foreign currency earnings through the country's banking system. The measure was introduced to help address the country's foreign currency shortage and support the stability of the Maldivian rufiyaa.