PPM-PNC presidential candidate, Male’ City Mayor Dr Mohamed Muizzu, has stated that the law will be amended to allow foreign investors to keep their dollars in the Maldives for a certain period of time, should he be elected.
During his presidential election campaign speech on Thinadhoo island, Dr Muizzu emphasised the importance of tourism in the Maldivian economy. He acknowledged the significant investments made by foreign entities in this sector.
Dr. Muizzu voiced concerns regarding the current framework that doesn’t adequately retain foreign currencies in the nation. “There’s a pressing need to revise the laws to ensure a more efficient circulation of these dollars within the country before they’re consolidated and transferred out,” he remarked.
The proposed changes aim to regulate the inflow and outflow of the dollar, maintaining a balance that could potentially lower its value. This would facilitate a smoother financial transition for students and residents abroad seeking access to dollars.
Further outlining his vision, Dr. Muizzu stated that the existing dollar limit set for the initial three months of his potential presidency would be abolished and subsequently doubled. However, he clarified that a sudden removal of this limit could destabilise the economy. Instead, a phased approach is planned, where the limit will be gradually increased.