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Muizzu Confident New Forex Regulations Will Soften USD Exchange Rate
President Mohamed Muizzu said the new foreign exchange regulations, enacted under the Foreign Currency Act, had improved compliance to around 95% and that US$150 million had been remitted to banks since January, a 40% increase on previous levels. Speaking on the Rayyithunnaa Eku podcast, he expressed confidence the measures would soften the USD exchange rate, while critics noted the black market rate had surged past MVR 19 per US dollar.
Sources1carried itMR1 of 19 news outlets we monitor
Figures6as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Thu 27 MarPresident Mohamed Muizzu spoke with the host on the Rayyithunnaa Eku podcast, launched by the President's Office.Thursday, 27 March 2025only Maldives RepublicPresident Mohamed Muizzu speaks with the host on the Rayyithunnaa Eku podcast, launched by the President's Office on Thursday, 27 March 2025.
Word for word from the report in Maldives Republic. Open the report
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Figures in these reports
as written, with the sentence they come from
US$150 millionRemitted to banks since January under the regulationsMaldives RepublicHe said that US$150 million had been remitted to banks since January under the regulations, a 40% increase from previous levels.
Word for word from the report in Maldives Republic. Open the report
40%Increase in remittances versus previous levelsMaldives RepublicHe said that US$150 million had been remitted to banks since January under the regulations, a 40% increase from previous levels.
Word for word from the report in Maldives Republic. Open the report
around 95%Compliance with remittance regulationsMaldives Republicwith around 95% of those required to remit dollars now adhering to the rules
Word for word from the report in Maldives Republic. Open the report
over 50 resortsResorts formally rejecting the regulations' applicabilityMaldives Republicwith over 50 resorts formally rejecting their applicability
Word for word from the report in Maldives Republic. Open the report
past MVR 19 per US dollarBlack market exchange rateMaldives Republicthe black market exchange rate has surged past MVR 19 per US dollar—a level rarely seen before his administration.
Word for word from the report in Maldives Republic. Open the report
from US$500 to US$1,000Bank rate allocation for travellersMaldives Republicraising the bank rate allocation for travellers from US$500 to US$1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) options.
Word for word from the report in Maldives Republic. Open the report
