Minister of Economic Development and Trade Mohamed Saeed has assured that there is no shortage of US dollars in the Maldives and reaffirmed that commitments made by President Dr Mohamed Muizzu regarding foreign currency availability will be fulfilled.

Speaking at a press conference held at the President’s Office, Minister Saeed said the Administration remains confident in its foreign exchange position and dismissed concerns of instability in dollar supply.

The President had previously announced that the USD 500 currently issued to Maldivians travelling abroad would be increased to USD 1,000 per person, subject to proper implementation of foreign exchange regulations. The increase is expected to take effect from the first quarter of this year.

Minister Saeed stated that the Bank of Maldives would make the necessary arrangements in line with the President’s directive. He added that there are clear timelines in place and said there is no cause for concern regarding implementation.

The Minister further noted that the current Administration has increased the volume of dollars issued compared to previous periods. He said allocations for Hajj and Umrah pilgrims has also be expanded, while students are now able to access foreign currency without significant delays.

Addressing broader foreign exchange measures, Minister Saeed said the Government has introduced reforms to address black market activities and reduce dependency of State-owned enterprises on unofficial markets.

The Foreign Currency Act, introduced to address foreign currency shortages and stabilise the value of the Maldivian Rufiyaa, requires that all transactions be conducted in Rufiyaa unless explicitly exempted. The Act also mandates that businesses generating foreign exchange revenues of USD 15 million or more annually register their income with designated banks in the Maldives. Proceeds from goods and services must be deposited into local bank accounts, with the policy aimed at strengthening foreign reserve buffers and supporting macroeconomic stability.