President Dr Mohamed Muizzu has announced that legislation aimed at resolving the Maldives' persistent dollar shortage has been submitted to Parliament, marking a significant step towards addressing the nation's economic challenges.

The central bank-drafted bill, submitted on December 9, 2024, proposes mandatory foreign currency exchange requirements through Maldivian banks, establishing a comprehensive framework for managing international currency transactions and domestic monetary operations.

Speaking to residents of K. Huraa during his tour of Ari and Malé Atolls today, the President acknowledged the currency shortage as an inherited challenge whilst expressing optimism about the bill's passage before the current parliamentary session concludes.

According to the President, the proposed legislation is expected to standardise foreign currency dealings and enhance national economic prosperity once implemented. The framework would regulate international currency movements and implement clear protocols for all foreign currency transactions within the Maldives.

The initiative represents part of the Administration's broader strategy to fulfil its promise of addressing the country's ongoing dollar shortage crisis, which has been impacting the nation's economy.