Muizzu Confident New Forex Regulations Will Soften USD Exchange Rate

President Mohamed Muizzu expressed confidence that new foreign exchange regulations will stabilize the currency market and ease the USD exchange rate, citing $150 million remitted to banks since January (40% increase) and 95% compliance. The regulations, opposed by tourism industry players, were enacted under the Foreign Currency Act. Muizzu announced measures including raising traveler allocation to $1,000, doubling credit card limits, and expanding TT options. However, critics point out that the black market rate has surged past MVR 19, questioning where remitted dollars have gone.

President Mohamed Muizzu expressed confidence that new foreign exchange regulations will stabilize the currency market and ease the USD exchange rate, citing $150 million remitted to banks since January (40% increase) and 95% compliance. The regulations, opposed by tourism industry players, were enacted under the Foreign Currency Act. Muizzu announced measures including raising traveler allocation to $1,000, doubling credit card limits, and expanding TT options. However, critics point out that the black market rate has surged past MVR 19, questioning where remitted dollars have gone.

President Mohamed Muizzu expressed confidence that new foreign exchange regulations will stabilize the currency market and ease the USD exchange rate, citing $150 million remitted to banks since January (40% increase) and 95% compliance. The regulations, opposed by tourism industry players, were enacted under the Foreign Currency Act. Muizzu announced measures including raising traveler allocation to $1,000, doubling credit card limits, and expanding TT options. However, critics point out that the black market rate has surged past MVR 19, questioning where remitted dollars have gone.

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