Munawar Outlines Policy Approach During Committee Vetting; Governor Nomination Green-Lit for Final Floor Vote

During a Public Accounts Committee meeting, Governor-designate Ahmed Munawar stated that abandoning the fixed exchange rate for the US dollar is not in the best interest of the Maldives. He responded to MP Ahmed Azaan Marzooq, who queried about releasing central bank controls. Munawar emphasized finding ways to retain and circulate dollars within the local banking system, regulating expatriates who remit $580 million annually, and addressing the black market for dollars. He also noted that developing local banking capacity for resort loans would encourage businesses to deposit locally. The fixed exchange rate is MVR 15.42 per USD, while black market rates range from MVR 16 to 19.

During a Public Accounts Committee meeting, Governor-designate Ahmed Munawar stated that abandoning the fixed exchange rate for the US dollar is not in the best interest of the Maldives. He responded to MP Ahmed Azaan Marzooq, who queried about releasing central bank controls. Munawar emphasized finding ways to retain and circulate dollars within the local banking system, regulating expatriates who remit $580 million annually, and addressing the black market for dollars. He also noted that developing local banking capacity for resort loans would encourage businesses to deposit locally. The fixed exchange rate is MVR 15.42 per USD, while black market rates range from MVR 16 to 19.

During a Public Accounts Committee meeting, Governor-designate Ahmed Munawar stated that abandoning the fixed exchange rate for the US dollar is not in the best interest of the Maldives. He responded to MP Ahmed Azaan Marzooq, who queried about releasing central bank controls. Munawar emphasized finding ways to retain and circulate dollars within the local banking system, regulating expatriates who remit $580 million annually, and addressing the black market for dollars. He also noted that developing local banking capacity for resort loans would encourage businesses to deposit locally. The fixed exchange rate is MVR 15.42 per USD, while black market rates range from MVR 16 to 19.

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