Parliament Member Abdulla Rifau of the Maafannu South Constituency has declared that the black market dollar trade will cease entirely within the next two years.

Speaking on MMTV's Bodu Khabaru programme, Rifau explained that the new law concerning foreign currency exchange at banks, which has been passed by Parliament and ratified by President Dr Mohamed Muizzu, will swiftly address the current dollar shortage.

Addressing concerns about the currently inflated black market rates, Rifau said that state dollar revenue would double in the coming period. This increase, he maintains, will be instrumental in dismantling unofficial currency trading.

According to the MP, once the tourism industry begins exchanging dollars with banks, the Maldives Monetary Authority (MMA) will release 60 per cent of dollars to banking institutions. This injection is expected to boost dollar availability for businesses and reduce dependence on unofficial sources.

Rifau also highlighted broader economic benefits, suggesting the measure will ease government foreign debt servicing and improve liquidity for state-owned companies.