Tourism Minister Thorig Ibrahim has stated that the government’s efforts to curb the black market for dollars in the Maldives are beginning to yield results. Speaking at the Ahaa Forum on Saturday night, Minister Thorig addressed public concerns, emphasising the positive impact of recent economic measures.
He highlighted that the mandatory requirement for tourism establishments to exchange a portion of their dollar earnings is already producing tangible benefits. “There is no doubt that the prices of the dollar are going down in the black market,” he said.
One key improvement, according to Minister Thorig, is the availability of dollars at official rates for Umrah pilgrims. President Dr Mohamed Muizzu has confirmed that travellers undertaking Umrah this year will be able to access USD 1,500 at the bank rate.
The government is also set to introduce further measures to enhance dollar accessibility for outbound travellers. Minister Thorig said that in the first quarter of next year, the amount available for purchase will increase from USD 500 to USD 1,000. By the second quarter, this will rise further to USD 1,400.
“These are the changes that are coming. These are the benefits that the people will get when dollars start circulating in the Maldives,” he said.
Minister Thorig also assured that entrepreneurs would find it easier to obtain dollars for business purposes, including opening Letters of Credit (LCs). He reaffirmed that as tourism businesses comply with the revised foreign exchange regulations, the economy will strengthen. Since the implementation of these measures, over USD 50 million has been exchanged under the new rules as of January.
