President Dr Mohamed Muizzu has announced that 95 per cent of those required to remit US dollars to banks are now adhering to regulations, marking a significant milestone in the Government’s financial reform efforts.

Since January, USD 150 million has been remitted to banks, representing a 40 per cent increase compared to previous figures.

Speaking on Rayyithunnaa Eku, a podcast hosted by the President’s Office, President Dr Muizzu expressed his satisfaction with the substantial progress made in ensuring compliance with dollar remittance policies. He further emphasised the Government’s ongoing efforts to integrate the remaining 5 per cent into the system, reinforcing its commitment to financial stability and transparency.

The President attributed this achievement to strong cooperation from stakeholders and underscored the crucial role of the tourism sector in driving economic growth.

As part of broader financial reforms, he announced measures designed to further enhance the system. These include increasing the bank rate allocation for travellers from USD 500 to USD 1,000, doubling credit card limits, and expanding opportunities for Telegraphic Transfers (TT).

President Dr Muizzu highlighted the economic benefits of compliance with remittance regulations, stating that these measures would contribute to national progress.

He expressed confidence that the dollar exchange rate would stabilise in the future. Additionally, he noted that Government-owned companies would gradually reduce their dependence on the black market for foreign currency transactions, thereby strengthening the formal financial sector.