$150 million remitted to banks since January, president says

President Mohamed Muizzu has announced that $150 million has been remitted to banks since January — an increase of 40% from previous figures.

He made the announcement during ‘Rayyithunnaa Eku,’ a podcast hosted by the President’s Office.

The president expressed satisfaction with the widespread compliance with dollar remittance regulations, noting that approximately 95% of those required to remit dollars to banks are doing so, with efforts underway to include the remaining 5%.

Speaking on the podcast, he highlighted strong cooperation in dollar remittance and underscored the growing revenue from the expanding tourism sector, which continues to benefit citizens. As part of ongoing reforms, he announced key measures, including increasing the $500 bank rate allocation for travellers to $1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) opportunities.

Describing the decisions to remit dollars to banks as highly beneficial, the president thanked all those involved in its implementation, stating that it would drive national progress and benefit all citizens.

He also expressed confidence that the dollar exchange rate would decline in the future and that government-owned companies would reduce their reliance on the black market for foreign currency purchases.