President Dr Mohamed Muizzu has announced that USD 150 million has been remitted to banks since January, marking a 40 percent increase from previous figures. He shared this update during Rayyithunnaa Eku, a podcast hosted by the President’s Office.
The President expressed satisfaction with the strong compliance with dollar remittance regulations, noting that 95% of those required to remit dollars are now doing so, with efforts underway to include the remaining 5%. He highlighted the growing revenue from the expanding tourism sector, which continues to benefit citizens.
As part of ongoing financial reforms, the President announced several key measures, including increasing the USD 500 bank rate allocation for travellers to USD 1,000, doubling credit card limits, and expanding Telegraphic Transfer (TT) opportunities.
He described the decision to remit dollars to banks as highly beneficial, thanking all those involved in its implementation. 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.
