Muizz vows to mandate dollar revenue circulation in Maldives banking system

PPM-PNC presidential candidate Dr Mohamed Muizz pledged on Sunday to introduce a mechanism to ensure that a portion of the dollar revenue generated from businesses owned by foreign investors will enter the domestic banking system.

Muizz, the main opposition candidate contesting the September 9 presidential election, is currently campaigning in Gaafu Dhaal Atoll. He held a rally in Thinadhoo Sunday evening. 

"Foreign investors' dollars have not been maintained in the country," he said, referring to the dollar shortage and the rising black market rates.

Muizz said that necessary changes will be made to the laws and regulations to ensure that a portion of the dollar revenue will be circulated within the country's financial system.

"... Their dollars, foreign currency, need to be properly circulated in the country, and a portion of it maintained within the country before they can be remitted abroad," Muizz said, noting that only then will the black market cease to exist. 

"That's the way to ease the burden and strain on our financial system."

Referring to the difficulties in sending dollars to Maldivians living abroad, Muizz said that the main objective of a system such as the one he proposes is to remove the limit on foreign transactions via debit and credit cards. He added that the current $750 monthly limit on credit cards will be raised gradually and removed altogether.

"In the first three months, we will double the existing limit and we will continue to do so until the limit is removed altogether," Muizz said.