How far is black market of dollars eliminated?

The government’s ongoing efforts to curb the black market for dollars in the Maldives are yielding results, according to Tourism Minister Thorig Ibrahim. Speaking at the 'Ahaa Forum' Saturday night, Thorig addressed public concerns and emphasised the positive impact of recent economic measures.

Thorig 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 stated confidently.

One improvement cited by the minister is the availability of dollars at official rates for Umrah pilgrims. This year, travellers undertaking Umrah will be able to access $1,500 at the bank rate, as confirmed by President Mohamed Muizzu. 

The government is set to introduce further concessions to enhance dollar accessibility. Thorig outlined the upcoming phased increments for outbound travellers:

“These are the changes that are coming. These are the benefits that the people will get when dollars start circulating in the Maldives,” Thorig stated.

He also assured that entrepreneurs would experience greater ease in acquiring dollars for purposes such as opening Letters of Credit (LCs) and other business transactions.

The minister reaffirmed that as tourism businesses continue to comply with the revised foreign exchange regulations, the economy will strengthen. Since the implementation of these measures, over $50 million has been exchanged under the new foreign exchange rules as of January.