President Dr Mohamed Muizzu has shared his expectation that the Maldives' ongoing US dollar shortage could be resolved by 2027,  allowing citizens to access foreign currency at official bank rates.

In a statement made during the inaugural episode of the newly launched podcast 'Spot On', which premiered on social media platforms, the President responded to concerns raised by the nation's youth, particularly surrounding the persistent foreign exchange challenges.

As economic reforms continue to take shape, the President reaffirmed that ensuring reliable access to foreign currency remains one of his Administration's foremost priorities.

Acknowledging the scale of the issue, he noted that while the solution would take time, the measures currently being implemented are expected to yield significant results. If these initiatives proceed as intended, he believes access to US dollars at the official exchange rate will become a reality within the projected timeframe.

The Administration has introduced a number of reforms aimed at strengthening the formal financial system and phasing out reliance on the black market for currency exchange. Among these is a new foreign exchange law enacted at the beginning of the year, which mandates that all businesses generating foreign revenue must deposit that income with banks operating in the Maldives.

The policy includes specific provisions for tourism-related enterprises, which are now required to declare a per capita dollar amount for each tourist they serve. Additionally, non-tourism businesses with annual foreign revenue exceeding USD 15 million are obliged to deposit at least 20 per cent of their foreign currency earnings into the local banking system.

These efforts, according to the President, are part of a strategy to enhance transparency in the economy and increase official dollar reserves. By narrowing the gap between the formal exchange rate and black market prices, the Government aims to bring greater stability to the financial landscape.

Encouraging developments have already begun to emerge, with businesses in the tourism sector reportedly depositing foreign currency into domestic banks more consistently. President Dr Muizzu described this trend as a promising sign and reiterated his Government's commitment to supporting such initiatives and delivering sustainable, long-term economic solutions.